You might not lift but its a tuning tool and you can use it to diagnose issues. If all the sudden your truck seems like it loses 100hp and you are seeing higher than normal EGT's or lower than normal, you can find out if maybe you have lack of fueling, or a bad injector thats dumping extra fuel etc.
Thats the only reason I ever look at mine. My stays fairly cool anyway, no more than about 1500* but I don't watch it steadily, I usually try to look at it right at the end of the pull to see where it maxed out.
As for whats bad for pistons, I ran my truck with 150hp injectors, edge comp, and HX35 with 14cm housing for 2 years, pegging 1600+ daily, driving like a fool, holding it pegged to over 100mph and never lifted, and when I pulled the head the pistons and cyl walls looked great. These motors are tough and will handle the short bursts of 20 seconds or less. But if you try pulling a 5 mile grade at 1250+ for a few minutes, or break and injector tip and flood a piston with fuel, then you will burn up a piston.