Having been to Bourbon Street several times and Key West many times I really don't think The Weirs could be turned into a version of either. The "success" of both of those places is related to the almost year round good weather and years of "practice" with enforcement of the few laws they have.
People go to the Keys and New Orleans for a good time, the liquor laws and the hours the bars and clubs stay open are VERY relaxed. Having said that, they also have a massive police presence and a very low tolerance for unruly behavior. Don't believe they are tough on "bad behavior" this is the link to the last seven days arrests in Key West, and it's not even the busy season.
http://www2.keysso.net/ArrestReports/ArrestLog1.htm
The economics of both Bourbon Street and Duval Street would never work without the almost year round customer base and an aggressive approach to unruly behavior. Transforming The Weirs for one week into a mini version of Key West North would simply not work.
JMHO