What you are describing looks a lot like a good old "drip" nurture to me.
Drip nurture programs are standard programs that you manually configure to distribute a series of email based on your conditions. It uses wait steps between your "send email" flows to control the delay/cadence between emails, but each lead will run through the flow on a separate timeline. It does not use all the engagement program framework, but will give you all the control that you need for each lead to go through the content at it's own pace.
This document outlines the pros and cons of each approach (engagement vs drip) Engagement Programs Demystified . (Slides 4-6)
This slide deck can help you out with building this type of program. Particularly starting at slide 11: Lead Nurturing with Marketo
David, thanks for the response. I am unable to view the "Engagement Programs Demystified" document since it's stored in the private Montreal user group section. Can you email me the file (email@example.com) or copy/paste into this thread? Thanks!
We solved this issue by creating 4 versions of the same Stream and setting a different cadence for each Stream. The cadence for each stream is monthly but sends the email during a different week of the month. This allows us to have emails going out each week throughout the month. We split our database into four static lists and added one static list to each Stream. Sort of a workaround but it gets the job done.