Yeah, I've shot parts as "bullets" through the sheet metal guards at the end of my table, on my Landis hydraulic SG. It's not a huge one either, it's a 618 Hydro with a 2 or 3 hp spindle.
FWIW, it's not that hard to modify most SG's so you can easily swap between stones and contact wheel (yes, this is a $250 or so investment if you get it from Sunray, but there are other options, lots of cheaper "off the shelf" contact wheels can be bored out for your spindle hub, in about 5 minutes on a lathe), I did this on my larger one by cutting two slots in the top of the wheel guard, and mounted my tensioning arm for the belts on the back of it also. In the case of this grinder, it's 1/2" thick cast iron.
All I have to do to swap from stones to belts, is open the guard door, pull the stone off, put the contact wheel on, tighten the hub flange, slap a belt on. Takes 30 seconds or so, and I've got a guard in each circumstance. Yeah, I probably reduced the efficacy of the guard a bit for stones, by cutting those two slots in the top for the belt to pass through, but, if a stone does blow up, I'm not concerned so much with a couple of pieces flying straight up through those holes, and the guard is still super stout.
I'll admit I do run my two smaller grinders without wheel guards, because whoever had them previously removed them, and lost them, but I'm *very* cautious with setup on those grinders (and they're little baby 6x12's), and it's never a "hogging" situation. I'll still put guards on them if I can ever find any replacements, although I'm probably too lazy to actually make guards. Still, I can't count the number of hours I've got in front of a SG, I consider the risk acceptable, but I'm certain still aware that it is a risk. I wouldn't run the bigger ones without them though, not with stones, not for any money.