But its still a real disaster, when BB wakes up with a hand and call. There is a reason, why the guidelines say to not open shove with more than 15BB. Sure there are times to bend these guidelines, but this is not such a time. You have the best seat at the table and one of the only two, where you have position on the chip bully. And by open jamming you take away your own positional advantage and his chance to make any sort of postflop mistakes. This play would make a lot more sense, if you were shorter like 18BB, you were in HJ, "chip bully" were on BTN, and everyone else were 15BB or less. Then you can go for a long-ball open shove to take away the play from the chip bully and force him to either wait for a hand or make a poor call.
Ok so now you are saying, its a shove for value? Thats only the case, if BB is an incredibly poor player. Maybe you can sometimes get called by worse in a freeroll, but in regular MTTs its extremely rare, that this will ever happen. And thats the whole problem, because you want him to get involved with hands, you dominate, so you can get value postflop. Like maybe flop comes QT4, and he will pay you off with KQ, QJ, Q9, AT, KT etc. Or he will try to bluff you with air, if he is as aggressive, as you say.
The main issue with open jamming for 50BB is not, that it increase the risk of busting. The main issue is, that it miss out on value and allow BB to play close to perfect.