If you are using it on a speaker output, and the amp is bridged (many class D amps use bridged output stages), the danger is if the sleeve and pin 1 are connected tighter when the ground lift switch is in the grounded position. In this case the driven minus half of the amp becomes shorted to the console's input ground bus (or whatever the XLR is attached to) and either the amp can fail or ground traces in the console can fail.