As Buffhntr said, you don't want to pull your generator at more than 80% of its rated continuous (not max/surge) capacity. That being said, you can do it. It is just supposed to shorten the life of the generator.
I also agree about the GE ultra bulbs. They are a win/win situation in my oppinion. I think they put out a whiter light and they pull less juice. I even went with the 225W GE ultras.
About getting shocked....You have seen my set up. It is possiblythe least safe way to do it. I have been in the pouring rain several times with it and have yet to get zapped. If I was to change anything to make it more safe, it would be to put GFCI outlets in the circuit and liquid electrict tape at all the plugs.
Good Luck!