I've thought this through and I think I understand the implications, but I wanted to get a sanity check because the caveats on https://www.mercurial-scm.org/wiki/ShareExtension are pretty general.
Specifically, the warning is "It's probably not a good idea to mix MQ and shared clones; if you do so, you should definitely avoid pushing/popping patches in one clone while another clone has patches applied."
However based on my understanding of how Mq works, it's only unsafe to push/pop patches (create/destroy history) if you have two shares whose working directory parent would be affected by such changes. That is, if you have two shares that are updated to separate named branches, pushing/popping patches from one should only have the effect on the other of creating/destroying history that is unrelated to the working directory and thus should NOT have any undesirable side-effects.
There will be small side effects, such as revision sequence number changes in some situations, but nothing that should jeopardize correctness or cause problems with the working directory.
Is this correct or am I missing something?