I think the only risk is to make some money, honestly.
As long as you aren't a damn idiot and don't go freakin nuts with all the tools and software available, you will be fine.
Think of your BH plan as a business plan. Draw up what you want to do, then execute.
If you are looking for the quick way out, then don't bother. Because you will make a mistake and screw yourself over. Blackhat in moderation along with whitehat techniques is the way to go.
I would love to build an honest, reputable 100% whitehat site with loyal visitors anyday over a BH site, but that's just me.
But really, do you think any website (even the big name sites) don't use SOME kind of BH technique? You would be out of your damn mind to say not.