I think the issue is that the phototransistor on the output of the opto will only sink 6mA to GND (If I understand the datasheet correctly). So no, I don't think it will blow out, but it certainly won't be able to pull the input low if R1 is 1000 ohmOK. So make R1 a 1KΩ resistor. Use a 1 watt resistor as you could be seeing almost half an amp. (490mA) Can the opto handle that much current without blowing out?