jfan.
Well I'll have to admit you make a pretty compelling case with the MSDS info.
While I'm no chemist, or in any way connected to the EPA, it seems to me that most of the info. is in reference to delivery (propellant), and removal (sanding,abrading). It looks to me like most of the hazards involve spraying it (vapors,mist), or sanding it (dust).
Essentially airborne particulants hazardous to humans breathing.
Not really much info. as to the undisturbed end product.