I always figured the initial snap of a burnout was the hardest part on the drivetrain. The burning out portion just seemed like 'low speed freeway driving'. I see the speedo quoting me 70, but people are walking by me.
I've never had much of a rev limiter problem with burnouts, but I always do mine from second gear. So much more smoke, and the patches are so much longer and darker. Of course, this isn't something I do everyday, so I can't give you a quote on hardware longevity. And, to tell you the truth, I feel burnouts are much safer on you and the car than a donut, granted you know what you are doing. Be safe and have fun.