Usually the O2 sensor will adapts to such changes with no problem, if it is only a single change for instance. But, the O2 sensor closed loop system works in a certain window of set parameters only. If the window is wide enough for adapting to such significant changes under all riding conditions and circumstances, that is not known.
I did read some burned valves reports, mainly from the German GS-er forum. AFAIK many of them did change things like after-market exhausts, other air filters, full systems exhausts without cat, and most of them happened at constant high speeds or near top speed. Nothing is proven but I'd be careful, especially in a hot region like yours. At the very least close monitoring of the spark plugs would be needed.