Walker's injury has forced the Crows to find different attacking options, making Watters cautious ahead of St Kilda's AAMI Stadium encounter against Adelaide on Sunday.
"When you have a natural spearhead there is a little bit more structure ... sometimes the multi-headed beast is the one you need to be pretty wary of," Watters told reporters in Adelaide on Saturday.
"They have got a number of talented players."
Ex-Saint Tom Lynch kicked 10 goals for the Crows against Greater Western Sydney last week in a performance which put him firmly on Watters' radar.
"Our players are obviously very familiar with Tommy," Watters said.
"It was a great performance. But you look at the combination of a forward line and a combination of dangerous players and Tom is certainly one of those ... but there's a number of good players that we need to take care of."
The Saints sit 14th with two wins and five losses but tackle the Crows with confidence after upsetting Carlton last Monday night.
St Kilda recalled Beau Maister for his first match since breaking a wrist a month ago, with Watters hoping he can support captain Nick Riewoldt, who has carried the Saints' forward line in Maister's absence.
"Being a one-out key forward, that structure is one that puts a lot of pressure on one player," Watters said.
"So we welcome Beau back into the side ... when our forward line was at its best last year, it was really about a combination of smalls and talls playing their roles so we want to get back to that sort of structure.
"It's an area so far this year that has been slightly below where we would like it to be."
Adelaide, in 10th place on the ladder with three wins and four losses, named an unchanged side for the first time this season.
