It will damage your pump, maybe not tomorrow, but sooner or later it will. I see no reason to mess with alky and nitrous, they both work well with the right setup, alkys a big turbo high boost thing, nitrous is a bolt on and go like hell.
I like nitrous because you can go really fast without major $$, even if ya blow up, its still cheaper than buying a wild build (turbo, couple converters, wild heads, wild cams, all that crap). Trust me its really expensive, just look at trucks like jacks in the for sale section, big ass dollars, just imagine how many mild builds you could do for that, forged pistons and rods are cheap.
Throw some nitrous on and have some fun, plan a rebuild in the future, but don't worry your not alone, us big turbo guys have an annual plan to pull shit apart.
Last year I was lucky, ran tons of 11's, never had a single stinkin problem. This year I've wasted another 5K and am still messing with crap, I like playing around so it's no biggie, but pulling the motor and tweaking stuff is just normal daily stuff around here.