No, actually, they wouldn't. Why do you think all your data is stored on a server and not your console? The work around for item duping is to close the game before it saves the fact you no longer have the weapon in your possession. Here that's not an option, the server is constantly saving any changes as they happen, so once you let go of a weapon it would be gone from you no matter what.

I see your point but people say "nothing can go wrong" but eventually an exploit will be found, kinda like with the ether chests.