When I'm finished with my restoration, I'll not be reluctant to rev the engine high, once the rebuilt engine is broken in just a little. Babying an engine for 25 years, however, then reving it much higher than normal can break the upper rings, followed by the cylinders and/or pistons.
Remember that tendancy for the cylinders to wear where the rings run. At low speeds, they don't stretch the rods much, nor do they thin out the bearing oil film much, so the clearance between the top ring and the top of the bore is greater than at high rpms. I once broke a ring on a Chevy truck as a teenager. The truck had been babied by my father for years, then at 16, I overrevved it. When we took it apart, a top ring was broken because I drove the piston up against the ridge at the top of the bore. That's why they make ridge reamers for rebuilding old engines. I was lucky. I broke only one ring, although the other ridges had marks on their lower edges.
Tom Kizer