Some true and false here. Benefits to risks you say? What risks, there aren't any if you do them right. And since you don't want 40 inch quads, no need to be going super heavy, so what's the problem?
And yes, if you do rows and all the variations of them you can build a thick ass back. Deads are great, yes, but it can be done without them.
for one, lets just say you have 2 plates on each side, and you squatting, and the bar is balanced on your trap(back of neck or whatever).. if for whateverthe bar tips to a side or something, there is some weight on your spine, and your jerking your spine...
yes i know same can be said about flat bench presses with a bar, but if that happens when squatting, you risk your spine... again, for me, its not worth it.. you say i can do lightweight, but why bother? there are safer machines out there where you can go heavy, and still be much safer that squatting. i know in the bodybuilding culty, its the politically correct thing to say that you squat and you cant wait for leg days, but no, i dont squat, and i think unless you are competing, you can get pretty fucking awesome legs without squats...
for example, the hack squat machine IMO hit the same muscles with the same intensity, but because its a machine, you have the weight equally balanced on your SHOULDERS, not your neck/spine...