If one of the incremental backups is deleted, you will not be able to access the data missing. This will lead to at least 2 issues (that I can think of):
* When you perform a full restore that includes the missing data, it will fail.
* If you try to restore data from that day, it will fail.
If you manage to workaround the dates, restoring data before or after (that does not depend on the data missing), then it is supposed to work.
Although not part of your question, I would ask back, how would someone accidentally delete a volume? If many people have access to the volumes (logical or physical) then you need to modify your environment.
Additionally, any other backup solution will have very similar limitations. It cannot regenerate data that is not there.