Physically the IDEtoCF adapter does support hot swap (so nothing can get damaged), but the Miggy's software doesn't.
You can somewhat circumvent that by 'diskchange'ing the volume before unplugging (so possible dirty buffers get written back), avoid access while it's unplugged, and then 'diskchange' again after replugging to read in any changes. Be careful though, chances are IDE may get locked up, so test well before use. I've been using this method with SCSI drives for ages without damaging anything. Obviously you'll get massive read errors from an unplugged device...