with ign cut, you have a perfectly combustible air fuel mixture IN the chamber (which will wet the cylinder walls with raw fuel), then in the 1000*F exhaust manifold a few milliseconds later. sooner or later you WILL get a HUGE afterfire which CAN and HAS lifted exhaust valves off their lifters. compared to the valvetrain, the turbo is the LEAST of your worries.

look around this site for people who did massive and catastrophic top end damage after the utec's launch control was released. pay particular attention to the mode of limiting. you WILL see a pattern emerge. what made matters much worse for many of them was the very delicate shim over bucket design in the 02 and early 03 model years, but make no mistake valvetrain damage can happen to ANY car with huge afterfires in the exhaust manifold. obviously high tension springs, and shim under bucket (or better still, shimless buckets) will reduce your risk, but it can never be eliminated.

also, if you have any cats in your car and you're dumping raw fuel into them, don't expect them to last. there's a reason why oem ecus are so sensitive to misfires, and it's the same reason why you'll never see an ign cut rev limit on any USDM production car built in the last 10+ years. too much raw fuel will destroy the catalytic reaction and possibly MELT the cat substrate itself.