As far as the shoe getting a work out, yes, jarring motions can break a flash's shoe. I've had it happen once, but only when a light stand was falling over and I reached out and caught it. The whipping motion of me pulling it back quickly against gravity was too much for the shoe of the Vivitar 285HV that I was using at the time. Under moderate gravitational forces, though, the shoes usually hold up. Consider this--they're designed to be attached to your camera, and just think about the forces involved in letting the camera go when it's around your neck or quickly repositioning for a portrait grip.

Is there a better way than a monopod? Actually, yes--and this is something I have used several times. The best solution is to buy an extendable painter's pole and a Kacey Pole Adapter. When collapsed, the pole is about the size of a monopod that's extended. When you extend it, it gives you much more reach which can be handy. Check this out:

http://pixsylated.com/blog/longarm-and-metalhead/

Here's the setup in use (we were using a very small umbrella with it):


Snapshots Setup by budrowilson, on Flickr