I think the "OTC PH/DS are more dangerous" idea is a pretty broad generalization. It's true that the popular illegal AAS generally have lots of clinical studies to back them up, but you can sit and read all day about people's experiences with the OTC compounds, view bloodwork, etc. A lot of the stuff you read might be subjective, but I think with adequate time and research one could come to a reasonable conclusion as to the risks they are taking with these compounds. In general, I think that the "lighter" compounds like H-DROL and P-MAG are pretty safe and yield excellent results comparable to illegal alternatives such as Anavar and Turinabol which are typically much more expensive. When you start talking about the more potent stuff like Superdrol clones and of course M1t, then yeah, the risks can increase (but so do the results usually).
For the most part I think the legal stuff has a bad reputation because of a couple main reasons. For one, an OTC PH/DS user is likely to be much less educated than the illegal gear user, and therefore will be much more likely to do something stupid and harm themselves. This results in lots of people posting on forums about their troubles with these compounds, many of which leaving out parts about how stupid they were (cycles that are too long, OTC/no PCT, running multiple methyls/drinking, inadequate training/nutrition, etc.) so they won't get flamed. Also, PH/DS are almost never ran with a Test base. Running with a test base would eliminate or at least reduce some of the side effects that are often complained about.
Anyway, I digress...
What would your H-DROL cycle look like? I ran P-MAG at 100mg/day and had great results with no noticeable side effects other than some slight discomfort from lower back pumps but they went away shortly. When I went to 125mg/day, I experienced some joint pain in my shoulders so I backed it back down to 100mg/day and was fine again. A lot of guys start at 50-75mg/day and at the end of the cycle they say they wished they started at 75-100mg/day. I personally don't see much of a problem with starting with something higher like 100mg/day, and then dropping down if sides occur. With just 3 bottles of H-DROL you could run a solid 6 weeker @ 100mg/day. Not bad for about $75 considering I've seen reports of people gaining over 15 pounds of lean mass on such cycles.