You don't hear about the many, many thousands of those motors that are still out there running strong. Sure it can break and ruin your motor but as you said that applies to anything man made. Where would mankind be today if everyone thought that way. Don't take me wrong, I am not criticizing you, just trying to make a point. If it makes you feel better about it then go for it. But don't tell your wife you are going to replace the washing machine with a scrub board because the machine might spring a leak. (Sorry, couldn't resist). For the good news (if memory serves me) that motor is pretty easy to convert. Remove the oil tank and remove a gear on the end of the VRO. It will smoke a little more at low RPMs as it is use to burning a 100:1 mixture at idle.
Fair Winds and Following Seas
Bill H. PTC USN Ret
Chesapeake, Va