I'm a bit torn. To me, that DEATH OF GWEN STACY remains one of the most powerful and gut-wrenching ASM stories to me, even after years of retcons and whatnot added to it. That said, part of me fears that Gwen Stacy's death has become larger than her life in the eyes of many writers, much as the line between Jean Grey and Phoenix is a thin one, if any, right now.
Gwen Stacy was a key part of Spider-Man's life for over ten years in real time before her tragic death. She was a vital character and aspect of the mythos and part of me sees it as a shame that all most readers and writers see to her is her death.
As for whether it could happen...I imagine it could be done in a way suitable for Saturday Morning. John Semper managed it with dimensional portals (Peter never did find MJ again in that 90's show, did he? She was spinning in that void, forever), and Fox Kids in the 90's was far more strict than the CW or any network now. Besides, Weisman has pushed the envelop before.
That said, I would rather not spend episodes or seasons counting down to Gwen's death. I enjoyed Bendis' version of her in ULTIMATE SPIDER-MAN and was completely disgusted that he ended up doing what fans in the 70's accused those writers of doing; sacrificing Gwen to make a villain seem tough. While for Osborn, I thought it worked, but for Ultimate Carnage, it really was a waste, especially since Ultimate Carnage wasn't even a villain, but a near mindless, mute monster.
Losing Gwen was part of the loss of Spider-Man's innocence in a way, even after losing her father to Dr. Octopus. I'm not sure that needs to happen in high school. Besides, can't we explore this character for another avenue besides dying near a bridge?
I say, at least until the gang moves to college around Season 5, let her live!