This is an often asked question and I always recommend shooting the right ammo, period. But I have done some tests. The Ruger cylinder throats on both the LR and Magnum cylinders measure the same on my various convertible single sixes, .225". So the LR bullet is stabilized before it hits the barrel forcing cone, therefore doesn't shave the bullets and accuracy is not much different than shooting from the LR cyl, although guns vary as always just as they do with different brands of ammo which they favor.
The cases always bulged but seldom split not withstanding the rifle situation above which is a horse of another color. A split case is no worse than a ruptured primer a split case head on any other cartridge, which also is not a normal occurance but even when everything is done right, it does happen. That's why we have an absolute rule to wear safety glasses, place hands in the safest possible position, etc., etc.
So the risk factor is low, but why stack the law of averages even a little more against oneself? I don't do it as a practice and recommend the same to all.