Great point. .22WMR seems to be built to a higher grade than bulk .22LR is, but both are relatively thin in the case head, and must be by design. Hit it in the WRONG place (yet still detonate it) and you've got gas leakage, and that is NO small problem.I'd be more concerned that the LR-positioned firing pin would give good/constant ignition with the little bit larger diameter rim of the .22WRM; and the barrel's bore/groove diameter being suitable/accurate as well.
To further discuss your second point about the bore/groove diamter-- it's been said that the Ruger Single Six Convertible's barrel is built to a jacketed .224" bullet spec, and "also" runs the ever so slightly smaller diameter heeled .22LR slug, and that accuracy -MAY- lack a bit when running .22LR in a platform designed around the .22 WMR.
I simply do not know if this is truth or internet rumor fodder, but it begs the question of the barrel's bore diameter in the Smith & Wesson Model 34. If the bore diameter is designed around a heeled, lead or copper-washed .22LR slug and not a true, jacketed .224" barrel, you'll have issues right there, specifically with regards to increased pressures.
Dangerous pressures? I wouldn't imagine so, but perhaps outside the design.
Ruger has been using the same blanks for all their .22 Single Six barrels since 1968. I think this gets unfairly blamed for the accuracy issues in some guns. What we must remember is that Ruger cuts all six chambers at once and makes cylinders in batches. Very little actual fitting goes on. They were never meant to shoot like pre-war Colt's and S&W's.A few years ago a fellow who knew how to measure, undertook a detailed study of bore diameter and bullet diameter on the Ruger Single Six convertables.