Of course, either method is hacking and is thus risky but personally the no bypass hack is the safest option of the two as it uses legitimate Arma 2 'requests' such as "player addweapon" which are used by the game all the time and is also run outside of BattleEye. Just be sensible with it.
No, I do not believe it is. Thus the bybass option is safer again, and you can spawn entire inventories if done correctly with the non-bypass method