I've had the Pumaspeed 300mm conversion behind my standard Millennium 15s for a few years now. Not that much grinding required as I remember, but the callipers are very close to the rims! I've had a few mechanics look at it over the years, all of whom agreed that it's not posing any major risks. It's also gone through multiple MOTs with no problems.
I have had brake fade from them in the past (brakes using OEM disks and pads, standard 1.7 with a stainless exhaust system), but I was driving pretty fast on country roads, so plenty of heavy braking was being done.
Planning on upgrading to sport disks and pads soon, as mine have nearly worn out now!