No, the weighting is just there so that green is most accurate since the human eye sees green much brighter and more accurate than blue and red. They are supposed to give more accuracy to the more visible color components. Those weightings are the result of tests done with people where they should judge the brightness of red green and blue. It's an average of lot's of people. In reality, every human has a different weighting of RGB colors, I for example see blue lighter as red.
No. As I said: The human eye has inbuilt weighting already. The YUV-weightings only try to give bandwidth according to the way the humans eye accuracy on R, G and B.
A PAL CRT TV has a pretty well defined gamma value, VGA CRTs have a different gamma. On TFT/LCD screens, the gamma value even depends on the screen you use and the angle you look at it. It's impossible to have a "correct" palette. Also there is a big problem: YUV/YIQ color spaces cover colors which do not exist in VGA RGB. Especially light saturated colors do not convert to VGA RGB since one or more RGB color channel will quickly reach it's maximum of 0xFF.