You don't want to bounce off the rev limiter unless you run something that cuts spark and not fuel...
Most rev limiters on factory cars cut fuel. The result is the car gets into a dangerously lean condition. This results in detonation and will damage your engine.
Conversely, overreving can cause the valves to float and even drop into the cylinder.
Thats why you want to cut spark/ignition rather than fuel injector.
There are a few piggy back systems that will cut spark, similar to a 2 step launch controller. The other impressive thing about cutting spark is you get a nice backfire, your cats won't last long however.
According to my dyno sheet, my tuner took my 06 Mustang GT to 7300 RPM, which had me a bit creeped out, the factory redline is 6600 and supposedly the valves will start to float at 7200 rpm. I asked him about it, he said it was no big deal. The tuner (JPC) is widely known as one of the best Mustang shops in the east coast. The engine had plenty of juice and was still making great power. I lowered the redline to 7000 as a safety measure against miss-shifting, but I have never taken the car above ~6200.