Eligible post-WWII distance runners, 800 & up (no marathon)
Geb (after retirement)
Bekele (after retirement)
Ron Clarke: no gold
Ovett: 1 gold
Herb Elliot: 1 gold
Yifter: no WRs
Walker: 1 gold
Mal Whitfield: no WRs
Lagat: no WRs
Komen: 1 gold
Tergat: no gold
If this is going to be for the all-time greats, then I think the criteria is very reasonable on the whole. You can't include any athlete that has won a single Olympic or World gold, otherwise there would be hundreds eligible, and it would diminish the whole thing.
Having said that, it's not really fair for those athletes reaching a peak prior to 1983, as they only had one opportunity every 4 years. From 83-91, athletes had 2 chances to win global golds every 4 year cycle, and since 91 athletes have 3 chances every 4 years! This is hardly fair.
I personally think that an Olympic title is equivalent to 2 World titles, and that perhaps anyone who wins 2 lesser medals at the Olympics (silver or bronze) should have that count as an equivalent to 1 World gold.
I also think that if any athlete breaks more than 2 world records, or breaks a world record in more than 1 event, that should also be taken into consideration.
To get around the dubious legitimacy of some records (e.g in women's distance events), then perhaps they could bring in another criteria which is based on a set number of world ranking points over a career, or the number of times an athlete headed the top list for the year.
Ovett should definitely be eligible, and in a time before world championships, he won 2 World Cup golds, when they were the pinnacle of an athlete's season and considered a pre-cursor to the inaugural World Champs in 1983. For me, those 2 World Cup golds are equivalent to World golds, so maybe anyone who won a World Cup gold in the first 3 editions of the competition (77, 79 & 81) could also have their golds considered.
Hope that makes sense.
So, based on what I've said, Ovett would get in due to having 3 global golds (1 Olympic, 2 World Cups) and 5 world records over 3 different distances.
Herb Elliott would also get in because although he only had 1 Olympic gold, he broke 2 world records in 2 events (1500 & Mile), thus compensating for the other gold medal.