what I am certain of from the number of differing opinions is that noone really can say for sure if its safe or not.
Nope. Everybody is in agreement that using O2 in the 30-50ft range is suicidally dangerous. If you have a seizure, which is quite likely, then you're dead. Do some reading on Oxygen Toxicity - it'll be in the SCUBA diving literature rather than the freediving stuff.
Then there is pulmonary toxicity plus the less-studied but still fairly well demonstrated effects of CO2 narcosis, extreme hypercapnia and dulled breathing reflex.
There was a thread on using enriched air a little while back, that would be good to read. Something like EAN40 might be worth using, but only for very specialised tasks and in certain circumstances (like safety diving for slow or unpredictable divers).