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Omicron
I like the idea of it being safe for HCIM for the simple fact of it's a 5 person raid, if ANY number of them are HCIM then there is a chance they might just teleport out on the first wave because they get too jumpy about dying and losing their rank. If this happens then its only going to ruin it for all the other members in the raid because they will be losing members all the time and it will get tiresome.
The only other way I could think about this scenario is maybe for the first month make it a safe raid, and then once people are a bit more use to it (whether they chose to practice the raids before or not is their own choice) then we could implement the lose of HC status later down the line along with a warning to HCIM about them possibly losing their HC status if they die in the raid BEFORE they can even party up for it?
I realise option two would be a lot of extra work, it's just the only way I can see it being fair to all game modes and then possibly having the risk there at some point :)