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the safety issue seems to be one that FS are simply not prepared to listen to, when i was at uni we built a FS car to blue book regulations (got it logbooked etc) simply because we didnt want to design and build what we believed to be an unsafe racecar. that was about 7 years ago and the cars still look as flimsy as ever these days
the other issue with a formula student based "series" is that it would be very difficult to police... the entire idea of formula student was that you should build a racecar for under $25000 dollars (is this amount still correct?) most universities flouted the cost side of things. for example there is no way on earth that you could commercially manufacture a carbon composite tub for that amount, yes as a one off through assistance from suppliers/sponsors, but not commercially without this help. the series would probably end up frightfully expensive -hence why formula student works.... its a one off, against like minded institutions, so it can work within goodwill and assistence of suppliers etc, only one car of each design is likely to be built.
A student team could of course manufacture a car to the current (or legacy) Formula Ford regulations, nothing stopping them from doing that, infact id suggest it would be positively encouraged!
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