I'm going to bounce around a little here, sorry about that, I'm at work but needed to get these thoughts out:
I think you are overly worried about high PS for one very good reason. In a balanced-point battle, a single player will chose to make sacrifices to win. In this, nobody wants to die because it is very punishing (Look what happened when I tried to save Frank. Will I do that again? Probably not). If one of us DM'd an academy swarm of equal points to your hypothetical PS9 crew with the intent of taking people out, there would be brand-new pilots in the next match due to unrecoverable deaths.
Also, for the DnD comparison, hit points get crazy at higher levels (and there are raise dead effects and healing). In X-Wing, the only analogue will be a team of pie-plates. We've proven death is real and will only get more punishing as we progress.
I guess the challenge here, as in every game, is how to make sure we don't leave anyone behind. The fact is, if we are still playing this campaign 15 weeks from now, new players will have to start will more than just an Academy TIE, just like how in DnD a new player usually starts at the beginning of the party's average level.
Now, from an RPG sense, I was struggling yesterday with the limit on EPTs since they feel like Feats. And why would you forget how to, say, Push the Limit just because you can also now has Veteran Instincts. But I do understand the concern about how some EPT synergies will just make some pilots overpowered.
So I'm willing to accept the one-at-a-time limit, even if it is artificial for game play. We get a lot of bonuses that don't jive with RPG standards as well. For example: how the hell do SCUM have B-Wings and stealth devices anyway? Also, the unlimited supply of ships is artificial but in the Pilots' favor, as is the selling a used ship for full-price)
So in the end, the only thing I worry about balance-wise is the effects of death and on-boarding new players a few months from now.