I think you should do it.
I'm not being mean; I really think you should try it. So long as you absolutely refuse to drive, or put your self in a position of any responsibility where others might be at risk, go right ahead. Oh, and do not drink from actual glass or eat with pointy utensils. Assume that anything that can go wrong... just might.
You need to experience this to find out for yourself what sleep deprivation can mean to you. In fact, you should take notes. "Day 1: I can juggle. There are 5 fingers on my right hand. The sun is bright, and I can look at it briefly with modest discomfort. The sky is blue."
Jerry Garcia died in a diabetic coma, mostly because of previous years of substance abuse. Yet when asked to do so, he patently refused to advocate against drug use. Everyone knows its bad for you; but some people like it, and you should be allowed to make the choice.
I have personally hallucinated from lack of sleep, and I know others who have done similar. I think its important to learn early in life; that we're not indestructible, and there are real limitations to what the human body can do.