Dont ask swim why swim does the things swim does, ok? Not even taking the time to care if dmt has or had a -OH molecule in need of a reduction and hydrogen substitution swim thinks a HI + P4 reflux would either completely destroy the freebase dmt or render it worthless. However, with other various precursors being harder to get than spice is (go figure), swim sees this as a very interesting experiment as well as waste of chemicals.
Any thoughts on what treating freebase dmt like ephedrine and reducing it with I2 and P4 would do to the starting material?

Nothing useful. If anything it might force hydrogen on the nitrogen and create some kind of quartenary amine but that probably wouldn't be stable and go right back to dmt after cleaning up. I don't even think that would happen though. The only danger would be if it broke apart and formed indole and you smoked that cause indole is toxic.

IMO save those reagents for a rainy day.

This is a relatively weak reductive condition. The point being to convert a hydroxyl into an iodine, which is a better leaving group. The iodine is then replaced by hydrogen which is generated in the solution. Yes this would not do anything useful as this is general used to convert an alcohol to a alkyl, these conditions would be very unlikely to even reduce a phenol such as bufotenine into DMT. There is a very good chance one would destroy the molecule leading to some strange rearrangement molecules although a sig portion would likely be left intact. Nothing interesting would come out of it I agree with burnt.

Indole is not toxic although skatole is which could be potentially produced although unlikely. It is a naturally produced component of our body (digestive tract) and present in a variety of foods and plants although in relatively low contents. It is also used in the perfume industry. While SWIM would not recommend smoking it, I doubt it would have any toxic or any effects.

know the story with skatole but though indole was nasty as well? maybe only at higher doses might have got that from an MSDS which are usually industrial scale exposure. even salt sounds like the devils substance in an MSDS.

HAHAH I know right. I read them and I am like damn but I guess they have to be like that to avoid any potential legal problems.

Yea its crazy but I see why they do it. MSDS is often meant for industrial amounts of chemicals like if you were in a factory and fell into a pile of salt haha then its dangerous.

The bad part is that it does make it easy for people to manipulate people into thinking certain additives in food or whatever are really dangerous when in fact they are not at all.

Complete destruction of the starting material. Wasted time.