Wait steps in engagement program

It seems like your whole engagement program will be over in two weeks from what you are saying. Running like this:

When you click run you will be sending Email WP offer 1 and Webinar invite campaign: send email
Then Marketo will wait 1 week, send second email if not yet registered and Email WP offer 2

Any wait step that is included in a smart campaign referenced in a stream will run in parellel.  The stream will continue to send content out based on the cadence, so with this rule of thumb in mind, it will be completed in 2 weeks.

I'm still a little confused about wait steps and cadence. 

I'm trying to figure out a work around for my engagement program because I want an email to go out every two weeks, but I don't want people to have to wait up to 2 weeks to get started in the engagement program. For example, if I set it to fire Tuesdays at 10am, if someone gets added on Wednesday, they will have to wait 13 days to get anything.

I was thinking that I could set the candence to fire every weekday, then add a wait step in the program smart campaign to send out an email. 

The stream would look like this: 

Program 1
Program 2
Program 3
etc. 

and each program will have an email send step then a 13 day wait step flow. What I am hoping will happen is that the cadence will know that the lead is still within the cast for more 13 days, and once it's done, will add to the next cast on the 14th day. 

Is this logic flawed? Do wait steps within the program smart campaigns get taken into account? 

Thanks!