We have a program in place to incentivize liquidity, the TDR (targeted defi rewards), so why is the foundation supposed to supply liquidity to non-critical pairs? On top, xGov funds are pretty small right now so this definitely feels like a waste of funds and will lead more projects to try that (as can be seen this period where multiple other projects try to do the same), which would lead to xGov turning into a “vote for my favorite token to receive liquidity pls”.
So I don’t think these kind of proposals are the right fit for xGov.
Reading through your idea of “hedges”:
Why should those vaults multi-sigs be a 2 out of 2? This sounds like an easy way to keep the liquidity for the proposer. Yeah AF would hold a significant portion of the tokens but who cares really? AF won’t rug themselves probably 
And in this particular case: I have to this date never heard of a single person owning VOTE or using the platform. The metrics for that token just look good because arbitrage bots use the VOTE-ALGO and VOTE-USDC pairs. Ludo continues to argue that this is value that VOTE adds but adding liquidity to ALGO-USDC would have an even better effect so it’s just wrong imo.