No, weak linking will not lead to a rejection from the App Store. It is a fully supported feature of the build environment (Apple even has a sample application that shows you how to use this). However, as Ole points out, this may not be needed going forward.
Many applications that are already on the store use weak linking to support previous OS versions, including all of mine. This answer of mine to a very similar question wouldn't have been found to be useful to people if Apple rejected applications doing this.
However, be sure to test on devices running the older OS versions you plan to support to verify that you didn't miss something when weak linking. Don't claim to support an older OS version if you've never tested your application against a device running it.