Snapping a neck with the leverage available from a whammy bar is approximately equivalent to bending a 15" steel girder with your lips... moments after applying lip balm.
Besides, the strings and the whammy bar itself are the weak points.
It will probably shorten the life of your strings, and may cause them to pull out of tune. Setting intonation on any whammy system is a nightmare, and the systems available for bass are considerably less advanced than, say, a Floyd Rose.
If you wanna get serious, the best tremolo system seems to me to be that which is available on Ritter basses.