How would members of such a council be chosen and how would it be ensured that their personal preferences were actually representative of the player-base as a whole?
If CCP and EVE Online are a model to use - keeping in mind
any model is flawed - the council would be elected via forum tools, with campaigning in and outside the game permitted so long as it does not harm the game itself (a decision for FDev to weigh).
This means such a council compromises voices from
active player communities
only, which rarely correlates with a wider audience -
and that's ok, the developer still makes their own decisions. It's important to recognize a player council has ZERO control and only exists to create a condensed channel of communication and agenda.
In the case of ED, such a council would spend a lot less time on identifying major fixes needed or balance and more on the utility of modes, desire for community opportunities (like CGs and IIs), and idea generation for story, lore, and multiplayer opportunities.
Ultimately, a player council is fine
but most players don't really understand what it can - and more importantly, can't - do.