It could be used for running with a few notes:
-Any uploaded activity will likely be classified as a bike ride until you manually reclassify it
-While running the edge displays speed as speed, and not pace. You may look for a ConnectIQ data field to remedy this...
Wearing on your wrist (if you care) was somewhat possible with an old forerunner quick release kit. It ends up sitting rotated on the kit (compared to a forerunner) but it looks somewhat usable to me.
Regarding your HR question -- the Garmin HR straps are all ANT+ only, so using them with an iPhone requires an ANT+ adapter (piece of hardware). You can, however, buy an ANT+ and BLE heart rate sensor (i.e. Wahoo Tickr, or many others), in which case you can use that sensor with both the Edge and your iPhone without any other hardware.
As mentioned above
- your activities will be classified as biking. Not very convenient especially if it is posted to strava for example
- speed will be shown as speed, not MIN/km used in running
You can make "edge quick release kit" of NATO watch strap and a quick release bar mount, but the result is bulky and not nice to use
I ended up buying used FR 210 (very cheap on eBay, around 30 bucks, then 610 (to get vibration alerts), also not expensive and then 230)
Totally happy.
You can buy watch only (hr strap will work)
Experiments with old fr's costs nothing to me.