Modding a car can be a lot of fun, especially on boosted engines, and it isn't risky if done thoughtfully and not taken too far.
The process of modifying for performance does not in itself promote wear or compromise durability, unless you exceed the operating limits of the internal parts. Our engines have relatively high operating limits. It's accessing the increased power and torque (putting your foot into it) that can shorten the life of the engine. If you access maximum power at every chance, something will break eventually, but if you just goose it now and then, the engine may actually last longer, because performance parts are often (but not always) stronger than OEM versions.
i.e. If you correctly mod the engine for ~300 HP, but drive it normally every day, the engine will likely outlast the car. In my case, I began modding at 30k miles, first rebuild at 246k, and now running fine at 279k with no troubles to speak of.
The biggest drawback to modding, imo, is NVH. If is very difficult to retain the smooth, quiet OEM drive quality when you swap parts. This is the reason that, other than a set of stainless headers, my exhaust is entirely OEM from cat back.
Welcome, and happy modding!
'98 SC Riviera 268k miles 298 HP/370 TQ 0-60: 5.79s ET: 13.97 @ 99.28 4087 lb 20.1 avg MPG Nelson Ledges Lap: 1:30
3.4" pulley AL104 plugs 180º t-stat FWI w/K&N 1.9:1 rockers OR pushrods LS6 valve springs SLP headers ZZP fuel rails
KYB GR2 struts MaxAir shocks Addco sway bars UMI bushings GM STB Enkei 18" EV5s w/ Dunlop DZ101s F-body calipers
EBC bluestuff/Hawk HP plus SS lines Brembo slotted discs DHP tuned Aeroforce Hidden Hitch
'05 GTO 49k miles 0-60: 4.8s 16.9 avg MPG Nelson Ledges Lap: 1:26