From a scientific and psychological standpoint, I can tell you emphatically, NO. Lucid dreaming is NOT in any way dangerous to your mental or physical health. In fact, lucid dreaming, so far, has been shown to improve mental health. See some of LaBerg's writings and studies here:
http://www.lucidity.com/
If you are already prone to having no grasp of what's real and what isn't, then it has nothing to do with lucid dreaming--it means you are schizophrenic, and that dreaming is just a reflection of your mental illness.
Separating your mind from your body is an OBE, our-of-body experience. It is not a lucid dream, so you don't have to worry about that. And generally, OBE phenomena has never been proven to be dangerous either.
Sleep paralysis, HI, and other things can seem a little scary at first--and if you allow your hallucinations to get the best of you, it will be a very scary experience. But it is NOT dangerous to your health. Remember that it is YOUR dream, YOUR experience and you can wake yourself up if need be whenever you need to.
Lucid dreaming is long held to help cure many nightmares, since you are able to confront them. Being lucid gives you a far better chance of controlling, destroying, changing or understanding the nightmares.
A good friend of mine used lucid dreaming to cure her anxiety, with the help and guidance of her therapist. And I've used it to get over past phobias and trauma. So it can have a lot of wonderful uses.

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