I'm not sure how much in game speech would be needed. I mean, in most games, all the vital audio is in cutscenes anyway, so I wouldn't mind the subtitles, so long as all the instructions in English (or perhaps just subtitles).
Another possibility is having no subtitles or the audio, witch, if done correctly, could be quite disturbing and make for a terrifying scenario. (Say the guys deaf, or something, and have all the sound blanked out or in extreeeme sloooow moootioooon).
And yes, I would play a game with subtitles. As a fan of many Japanese games, it's either the subtitles or a corny, unsynched, american home-made voice over. I know which I'd choose.