Right concept but the pulley's won't as a rule interchange, so it's a little more complicated than that. As for how fast it will go... fast enough that you won't be mowing grass with it anymore, fast enough that you'll defeat the design of the brakes, fast enough you should think about other safety precautions. In fact you'll find much of that addressed in this thread -
http://www.heymow.com/viewtopic.php?t=572 - it's recommended reading around here for the question you just posed.
As for it breaking down and wearing out faster. You're turning the tranny about twice as fast as it was designed to be turned. Therefore the odds of it breaking are about 4 times as great, and yes it's going to wear out faster, although there are ways to extend the life of the tranny such as draining the gear lube and filling it with grease, replacing bushings with bearings, etc.
If by chance it's hydrostatic, changing pulleys is an exercise in futility, you'll only smoke the pump in the transaxle, it won't go any faster.