IPad 3 as recording device – How to Connect Firewire 400 from a PreSonus device

No chance I'm afraid, the limiting factor is software more than anything though, it's possible that an App could be written to talk to said accessory, but using it outside of that App would not be possible unless you are talking about a highly modified jailbroken solution.

Unless you already have a device in mind that exists which you actually want to use, I can't imagine anyone creating one, and if they did not by the dock connector, but more likely over a custom Bluetooth protocol which is allowed (see the i-Cade games cabinet for example of a custom controller using Bluetooth that only works with supported apps).

You may be better mentioning what you wish to achieve to allow alternate answers, as I am almost positive that this method will never fly.

It's probably M-Audio covering for shoddy manufacturing. FireWire is designed to be hot-pluggable. You should be able to plug and unplug at any time with no issues.

And regarding the thread: not yanking cables at an angle is general good advice, whether they carry power or not.