The way I see it, all events interfere with the daily running of the server in one way or another. That's why they are events, and it's not like this would go on forever. It would take less than a DDos attack. In the past, the server has been down for longer periods and we all lived. The difference here is we would still be able to play the game and get our fix.
Sure, you wouldn't be allowed to poopsock Mob X for a bit, but, on the other hand, you would have at your disposal a myriad of brand new raid targets, classic targets, that have never been looked like this before.
Regading PVP, I don't think it's a good idea. I wouldn't like the GMs to have to police the event like that, and high characters would always find ways to interfere.
Obviously, this could also be adopted to red server and have some sort of PVP, but the idea is for this to be an event with no pvp. Even training tactics would be frowned upon.
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This would be a new way to crack up an encounter for the first time, instead of just following tactics someone wrote up 14 years ago.
Think about it.