The coming loose thing is a red herring. Wear has no bearing on the chain tightness. I keep the chain as tight as it needs to be, always.
Will I get more life out of the cogs? Does a worn chain wear them out more than a non-worn one? I really don't know, but intuitively I can't see any reason why it should. I'm open to persuasion though.
The 'what if it breaks?' does concern me
. I live on a pretty steep hill and climb it every day, with great effort. A break would be most unpleasant. And I suppose if you ride a worn chain indefinitely, at some point it will break. Whether one that's 1/8" over 'the ideal' is significantly weakened, or, if not how far you can go before it is...hmmm. I
would rather not find out using the catastrophic fail method.
Anyway, thanks for the comments - food for thought.