No, nothing really suffers any abuse running that low. The tire just looks low, not flat. The biggest difference you may notice is that it will get harder to steer since you have so much traction.
Different tires require different pressures. Where I have to go down to about 5 psi because of my stiff sidewalls, a radial tire may only have to go down to 10 or 12. Everybody seems to run different pressures. Some people get nervous running real low pressures even with beadocks.
The beadlocks I purchased were from a company called Diamond. They give you both rings and all the bolts (about 30 per wheel). You just have to weld the inner ring on. Your welds have to be air-tight.
I am not sure that I would go that route again. (the kind with the outer ring) If I had the money, I would have installed the kind that goes inside the tire, keeping both sides of the tire from collapsing in.
But without a doubt. Some kind of beadlock is great to have. About the only other thing to do is to run a narrow wheel with a wide tire (perhaps a 4 inch difference). That works just about as well. Very difficult to break a bead with that set-up.