Yes, except ctrl-c moves you off home row, which I wanted to avoid.
Also, technically, ctrl-c is not the same as escape - it also sends a cancel signal. I actually have no idea what the practical difference is, I just know that some commands treat it differently.
It doesn't check for abbreviations and doesn't trigger InsertLeave, which essentially means that any pending command is aborted, but you're totally right about not leaving the home row.
I just right now remapped caps-lock to control and use CTRL-[ to escape instead.