THe $300 buy-in NLHE WSOP Circuit event at Caesars last week had a huge turnout (no surprise) - THey only had 50 ish tables and like 900 players. As players got knocked out the reserve players would be put in the seats. I asked about this and they said The average chip stack would be higher at the table so it really is a disadvantage to be the player coming in during the first few levels. I see their point, but the person not catching any cards getting blinded out may have something to say about it
I frequently allow people to get in late to a tournament and blind them out while waiting, but there does have to be a cut off, at some point. Though if the starting chips are 2000 and they don't arrive until the blinds are 2 and 400 they don't have many chips left and still owe their money works for me.
As for taking over a stack? I don't like it. You get a feel for how the person is playing and all of a sudden he backs out and brings in the big guns to finish it for him. It is not fair to the other players. I would put a stack at the table and blind it out till she arrives (more money in the pool too).