Water/Meth will probably save your engine.
So, the question is, what is the balance between lost hp and an increase in safety?
In other words, do you give up say ~1% power for a ~100% wider tuning/safety margin? I think most people would gladly trade 1-5% power for a significant increase in safety. I just don't know how this could be measured.
Lose more power with a 9" to have extra strength, lose power with an exhaust to quiet it down, lose power with a 4L80e to prevent rebuilding your 60 yearly, trading off power for other perks is as common in the performance industry as performance mods themselves.
As long as you have a strong ignition, you won't have any problem with a 50/50 mix.
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