Let me start by saying this: I do not care at all if Wallisch is going to the olympics or not. Because the gold is clearly coming home to Sweden.
Though I get your point it's in fact not only a one shot contest. It's the Olympics. It's taking place every fourth year and in a lot of other sports the biggest possible thing you can achieve is a olympic gold. Since it now exists "national free skiing teams" working in the same way as their equivalent in lets say, cross-country skiing, shouldn't they treat Olympics the same way?
With the Olympics pretty light scheduling, the most fair would be to look back the past four years when choosing your team. We all know how really small details can take a perfect run and make it not so perfect anymore. Well, knowing that, shouldn't you value consistency over the past four years competitions more then anything else? Because it's, like you said, a one shot contest. So it's not really fair to athletes who has three seasons of champagne-cuz-he/she-won-the-championship-game and then one season with fairly lower results if you base there chance of winning the Olympics on the most recent one.
If we are going to be in the Olympics, we should start treating it like the Olympics, not just another competition. If we are able to do so then maybe, just maybe, we'll be able separate the Olympics from the "real" competition scene and keep evolve the "rules" of freesking on our own, rather then people bitching over skiing loosing it's integrity.