I would say no as well. The weekly's are my favorite part of the game so far. While players may be able to make some very good story's I just do not think the majority will be up to par with Cryptic and I hope that the developers do not use this as an excuse to slow down these releases. I think people really are putting far too much faith into this Foundry at this point.
Make the weeklies into missions designed for and located in exploration space. There was talk about adding a sense of individuality to each exploration sector. These missions could be that which defines them just as the Breen series defined the Orellius Sector. Make a new series in a new exploration sector each time. It will be like planting a seed. Afterwords open that sector to the foundry and let it grow.
Absolutely not. Prior to implementing the feature episodes, Cryptic was limited in how much and how fast they could implement mission chains. Since they remain after the episode run, it adds new content on an almost weekly basis whilst not taking away from the teams doing the other necessary work on the game.