I doubt a catastrophic failure, but the fatigue life might be reduced considerably.
I wonder if the case would hold enough BP to blow up a rifle?
I doubt that BP pressures would be very high, but have no idea where data for that would be found.
I've been waiting for someone like Brian Pearce (actually, exactly Brian Pearce) to do a detailed review and load workup on the new Miroku 1873 as sold by Winchester. The reviews I've read have been positive, but didn't get into how well it would handle .357 loads over time.