I've been wanting to try this for a while, but there's very little need as I seem to have them running reliably for several days with little tending. Would still be useful to know that I can safely remove and re-attach individual boards without having to power down the whole PSU.
I've done this multiple times without any problems.
It's generally a bad idea to do this, but I'll admit I do it myself sometimes. The most likely outcome is that you'll burn out the fuse during the fast influx of current (the capacitors will be like a dead short for a moment). Better to turn the PSU off if it's at all possible, really.
Or you can do what I have done a few times, get the pins offset by one while trying to plug the connectors together with one hand, short one of the rails to ground, and trigger the safety shutoff on the PS.
I should have at least hit save first...