I think that risk is fairly low down the list, after all schools manage to run the programme so it shouldn't be a problem for the ACO.
However I don't believe it could be run as a programme similar to AEF, rather it would have to be like the Aerospace Instructors or Junior Leaders courses. Cadets could be selected from around the Corps and attend one weekend a month over a year with possibly a week camp at the end to 'finish things off'. You could restrict the age range so that you can control your risk further (assuming a 17/18 year old is less dangerous than a 13 year old!). Running it this way would reduce the strain in the volunteer staffing resource (regular or ACO). Let's call the course Air Cadets Junior Engineers! We can even have a lanyard like the other courses - hi-vis orange and reflective white like a warning flag.
If you wanted to have some engineering 'hands on time', there is always plenty of time sitting around at AEFs waiting to fly and there are only so many times that you can watch Top Gun and Memphis Belle! Exercises could be provided to either be run by the supervising staff or perhaps something more in depth could be provided if suitable engineering support was available.