Long Tom, I've come to about the same attitude and conclusion about pace lines as you have, regardless of limitations. The only point I can see in riding pacelines is to learn to ride in pacelines. And I assume, for the sheer fun of it. I personally don't see it worth the risk regardless, unless you're going to race or are into fast centuries or like "the fast group". I'd also accept that at some point, if you do enough of them there is a good chance of an accident even with skilled riders.

Even very small risks compound to a large risk if you take enough of them. Sensible caution is a good thing.