I think there is no need to limit the number of players. Especially for a game that is basically 99% DEAD. As long as they know the basic rules of the event, anyone should be welcome to join.
Let's say you set the max number of player to 6 and that Sunday 8 guys are on TS waiting for the game. What are you gonna do? Pick 2 and tell them to go play elsewhere? I bet those two won't be coming back the next week-end.
About the "keeping everyone busy" thing, I really don't see an issue there. At the moment you decide to join the event, you know that you can't wonder around as you would on a random server. If you can't accept that, just don't join. There are other servers with plenty of slots waiting for you.
If the mission requires you to hang back for a long time or doesn't allow you to kill dozens of enemies, just deal with it. Again, if you're bored, then it's your problem. No one pointed a gun to your head forcing you to join the game.
That's my opinion.