It will be safe when it dries, you need to let it cure for 3 weeks for all the harmful vapors to be gone. That is another reason why I liked the Polycrilic, it only takes a week to cure but I waited 2 to be sure. The GE silicone is similar to the DAP silicone. I will never use either again. A lot of people do and swear by it but I didn't like the results nearly as much as the Polycrilic, not to mention it is expensive and much harder to apply.
You could leave the plastic on if it doesn't interfere with your design. It will all be sealed.
My first project I didn't want to spend the $15 for the grout either. Try it all out, have fun with it, if you don't like it try a new way. That's what I did.
Remember, ALWAYS post pictures afterward for us to see!