Hmm ... certainly there is no doubt that a TEFC is the best choice in a metal shop. But I'm going to take a contrarian view here.
With regard to sparks and fireworks, I'm not sure how that would happen with an induction motor, unless you left open the box or plate where the connections are made - nothing else is going to expose un-insulated electrical current. The concern I would have is not sparks and fireworks, but rather grit leading to premature wear of the bearings.
But even that may be a solution in search of a problem, in actual practice in a hobby shop, so long as reasonable precautions are taken. Two personal examples:
1) I have been using a washing machine motor to power my home-built grinder for 15 years; no problems yet. Of course I didn't leave it completely exposed; I partially enclosed it to keep out the majority of the grit. If it burns up tomorrow, no worries - the original motor cost me $0.00, and I have two more just like it in the drawer, both of which also cost $0.00.
2) I acquired my Cincinnati 12.5 x 30 TrayTop lathe with a re-fitted single-phase motor - an ancient repulsion-induction motor. If you are not familiar with this type of motor, it uses a starting circuit very different from the usual split phase or capacitor start; rather it is a system that vaguely resembles a universal motor, with brushes - only in circuit until the motor starts. Part of this design is that one can reverse the motor by rotating the position of the brushes - which means that there is an opening in the motor with a lever to connect to this starting circuit. Surely this ought to be a disaster waiting to happen - not just an open-frame induction motor, but one that uses brushes, powering a lathe off of which comes all sorts of metal slivers. Perhaps it is ... but I've been using it for 20 years now, and I don't know how long it was used before that ... and so far it is all going strong.
Again, I certainly cannot contest that a TEFC is the best option. But given the number of 1/3 and 1/2 hp motors that get thrown out every single day, it seems a shame to me not to give them a chance at a second life, even if that second life might be measured in a just a few decades ...
Here are a couple of pictures of the grinder to show the motor and how it is partially enclosed - open at the bottom for ventilation, but no easy way for grit to get into it:
And here is an image of the lathe motor - it is labeled "Motor repair" because I had to fab up the reversing lever and rewire it for 110, but no other repair was actually involved. The closest end in the picture sits just to the left of the chuck, about a foot down - totally exposed! In my case, this is a TEFC = "Totally Exposed Fan Cooled."