Well you could just protect the Read More content of an article and when creating a Featured article insert no Read More break. You could also create a separate category for Featured articles that isn't protected that you can move articles to as needed.
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Both good ideas, but by using those approaches we'd lose other benefits we are enjoying by using Read More and categorization in the more traditional way.
I guess I'll just throw it in as a potential future feature request - to add an option for Plans under Integrations > Content where the featured/ non-featured status of an article could be used as a toggle to protect the article or not.