My answer is that in the long run yes. But immediately No. I know there will be some people that get on here and say they do it all the time and nothing has broken, but I'm sure there are also the ones that tried it once and broke something. First off the transmissions in these trucks aren't the best, and when you hold the truck back by braking at the same time you are trying to accelerate, that stress is going to have to go somewhere, and that is your tranny. Although it may not be noticeable it most likely will shorten the life of your transmission. Second look up some videos of wheel hop. I think Tanks250 has some. That will show you the stress the driveline goes through. Again all the stress has to go somewhere. Now this is all coming from someone who does 4wd launches all the time. I do believe that it is not good for your truck to some extent, but to what extent I do not know. But personally I am willing to take a bit of risk because I didn't buy my truck to drive it like an old man. If your goal is to be fast, then a 4wd launch is almost going to be necessary. One thing I do to help, I don't know if it really does is to make sure I put it back into 2wd as soon as I no longer need the added traction. In summary my feelings are if you aren't prepared to pay for something that might go wrong don't do it, because it could happen.