The IE implementation of pointer events specifies several different values for touch-action: http://msdn.microsoft.com/en-us/library/windows/apps/hh767313.aspx. The pointer-events draft specification currently includes only 'auto', 'none' and 'inherit'.
Since many of the specific things a UA may do with a touch-action is outside the scope of the pointer events WG, perhaps the right thing to do here is just to tweak the wording to make it clear that UAs are expected to include their own list of specific actions (because otherwise pointer events can't be used to implement important scenarios). Maybe we could even include some potential example actions as a note?
Added pan-x and pan-y values for touch-action per 1/22 telecon resolution.