There is some risk involved yes, but if you are careful/know what you are doing then all will be fine.
I could probably get more from rubbing compound, but the finish that I was able to get with 2500 grit was plenty of a mirror shine for me. Finishing off the lap properly would be the best course of action, but I can't be bothered

Maybe when I go quad penryn core, but not right away. You never know, the CPU might like some time to settle in.
Dan