The part that matters: the cost of bacteriostatic water is negligibly higher than the cost of sterile water, so cost is not a valid reason to omit it if you are doing multi-withdrawal use.
A vial that has been sitting out at room temperature is not sterile and bacteriostatic water does not make it so.
Concretely, do not rely on the preservative as a substitute for aseptic technique — it is a backstop, not a primary control.
The 28-day beyond-use convention derives from USP standards, which base it on microbiological risk rather than on any one specific study.
One qualification: the 28-day date is not a hard expiry, it is a guideline based on convention and risk assessment.
The practical summary: use bacteriostatic water for multi-withdrawal, store refrigerated, and respect the 28-day limit.