I've had a Grex 1200 before, when it was still neck to neck with Mediator (my old Power Tower 1200 BPPC 060 setup), and it ran perfectly well.
I would assume that those dead Grex boards and PPC cards were most likely killed due to usage with BPPC 040 cards. Now, before I actually got one, I assumed that Lempkee was exaggeratting about their heat problems, but boy was I wrong. A BPPC 040 has got to be the hottest Amiga product of all, and I mean this heat wise, not hot as in good or cool! ;-)
I will need to implement some major cooling for this. The 040 will get a 486 heatsink and fan, and I may as well put some sort of an extra fan over the PPC heatsink. I just need to find one that can easily be attached and is the right size.