Flyboy:
Here's what can happen. Folks have told me that I shouldn't bother keeping the damaged parts -- I do anyway, just to be able to give graphic examples of what can happen.
I had planned to mosey down the course with the fat mixture (using a dumb ECU that didn't allow me to switch programs while underway) and hit the button when I got to the 3 1/2. I pushed the button -- and about 8 seconds later three spark plugs had done their "disposable fuse" thing -- but one of them didn't die soon enough, or the hot metal of the decomposing electrodes kept the fire going -- and so there went a piston.
If you're running a dry shot system, remember that the gas is going into the airbox -- and therefore you don't have instantaneous "on" and "off", so your idea of hitting the button for XX seconds, then releasing for YY seconds won't necessarily work -- it takes a finite amount of time for the nitrous to reach full concentration, and also a finite time for it to clear out before you're back to gasoline only.
Or think of it this way: Nitrous can be your best friend -- or your worst enemy. It makes the change back and forth very rapidly. . .