This would be a fantastic feature. I know it's a bit challenging, but we have, for example, recurring events every Friday during the school year (WA is our school's website), and that's a lot of events to replicate manually.
It seems that you could duplicate the MS Outlook recurrance types with some kind of "master" record . If an event has a "master" recurring event record associated with it, before editing any particular such recurring event the user would be asked "update series or just this instance"? If the series is updated, then the master record is what's updated. If the individual record is what's edited, then it "detaches" from the master record (with suitable warnings) and it becomes it's own event. I guess you'd have to flag it so that subsequent changes to the master record wouldn't nuke the updated individual event, or duplicate it. That is, any detached and modified instance of a recurring event would have priority.
For the iCalendar event link you'd want that to be set as "recurring" events for people downloading that "meeting notice" into their Outlook calendar.