If the plant is ridiculously healthy like it would be in its natural habitat, I'm sure the occasional all-traps-full has happened and the plant has lived.
However, even on good stretches most VFT's won't be actively digesting on more than ~half their traps, give or take.
This answers your question as well as the original poster's:
http://www.sarracenia.com/faq/faq2540.html
One bug per week is a little too strict though...if your VFT is healthy you can feed more than that. If it has 5 traps, I'd say 2 can be eating simultaneously. Occasionally maybe 3, but don't push it.