Well, lets put it this way. Automatic, when you floor it from a dead stop, your wheels will spin a little...but standard, redline it and pop the cutch with the handbrake on and you got yourself a smoke show. If you haven't tried this yet johnyg, give it a try and see what your car can do. I wish mine was standard. I know a guy with a '90 Z24 with a 5 spd and trust me, it lays more rubber than mine.
it'll definitely wear down your brakes and tires. so pick your times. but as far as damaging anything, i don't think it will. just make sure your motor mounts are in good condition. and check those fluids once a week.