Lead acid batteries don't really have a propensity for blowing up. They do generate hydrogen gas which is flammable or explosive, but the battery itself is much more of a chemical burn hazard due to the sulfuric acid than it is an explosion hazard. Even if you overcharge, they tend to just outgas (i.e. generate hydrogen). As long as you don't have them sealed tight, they generally won't explode, though I wouldn't recommend deliberately mistreating them, of course. This isn't a Lithium Polymer battery or anything like that. We use them in cars not only because they're cheap but because they take a fair bit of abuse without major performance degradation let alone safety issues.
12V isn't usually too much of a direct human touch hazard in that it won't cause significant current draw in the presence of normal skin resistance. Break the skin resistance, though, and you can kill yourself with a 1.5V AA battery, so don't get overly cavalier. BUT, a large lead acid battery can dump a significant amount of energy in a very short time (i.e. it has high power capacity). Shorting large (car battery size) lead acids with a smallish conductor such as a coat hanger or even a wrench can give rise to basically an arc flash. That would seem to be the primary electrical hazard.
Of course, the process described in the OP, which is not particularly new or unknown, involves physical disassembly and mucking with the battery chemically to some degree. This can be dangerous. If you know what you're doing, use the appropriate PPE, and are careful, it's probably not much worse than using a table saw in terms of safety.
As to charging, as long as you don't try to dump more than about 1C into the battery, you're probably not going to blow it up especially if you monitor the temperature. An interesting property of a flooded lead acid (less applicable to sealed but still to some degree) is that the water+acid solution tends to self-extinguish any fires that show up, and the physical structures are large enough that it takes a fair bit of damage to cause internal shorts. Most of the explosions are from hydrogen, and most of the fires you'll hear of are from the battery casing just burning on its own (possibly lit by a hydrogen fire).
Would I recommend doing this for gits and shiggles or in your living room? No, absolutely not. However, there are probably far more dangerous topics of discussion in the woodworking section of this forum than the procedures described in the OP. People have done things like this on flooded batteries for quite some time. My major concern with doing it on a sealed type would be that the battery is unlikely to be "sealed" when you're done, so leaking may be an issue in the future.