RE: Ignition timing, 2nd iteration....

Skipping firing cycles will cause unburnt mixture to be pumped into the exhaust which could cause some nice loud back fires.  This is never very good for exhaust valves, or indeed the the exhaust system itself.  This method used to be used by add-on rev-limiters, but much better methods exist.  One traction control system I have seen actually uses a secondary throttle which is normaly wide open, but can be closed by a servo to back off power.

Mike