After I hit command-tab to open the Application Switcher, I want to be able to move through the application items with the H,J,K,L keys rather than the tab or arrow keys. Is this possible?
Use Karabiner-Elements, the best key-remap tool on macOS. It works great with KM.
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Map Command(hold) & another two key separately as 
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Just for fun I tried pressing the H,J,K and L keys while holding CMD-TAB, and these keys actually do something! I'm surprised and pleased, thanks for the question.
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I'd actually like to have the apps assigned to numbers ( or letters ) like in Command-Tab Plus: Applications and Windows Switcher for Mac, Witch, Context Alternative numbers do work, but a number under the app would make it more usable.