No, I don't think so if I understand you correctly. If you aren't concerned with those who are not on the weekly cadence missing emails, then it can work. This could work in a "newsletter" situation where the information you are sending out is relevant only for a specific week, and redundant afterwards.
So if you had four programs in an engagement stream:
Program A, with no restrictions on email cadence
Program B, whose smart list ensures it sends only to those with weekly email cadence
Program C, whose smart list ensures it sends only to those with weekly and "twice a month" email cadence
Program D, whose smart list ensures it sends only to those with weekly email cadence
Then effectively those who aren't "weekly" would skip the content in between. But if you're not worried about this, it means you could accomplish the goal by only using one stream.