The dangers of a locked out distributor are on combinations that have tight converters or manual transmissions. A normal engine will need at least some form of timing curve, advancing some with RPM, in order to make MBT torque at all engine speeds. It also needs to reduce timing as a function of load, which helps with part throttle cruise and is much more important in boosted applications.

With a typical street/strip loose converter, at WOT it's going to flash to peak torque or better immediately so you don't have to worry about the engine having too much timing, but if you have a manual trans and try the same maneuver just off idle it's going to have too much timing and you probably won't hear it rattling away. That shows up on the bearings and the main caps.