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Propane used as fuel in Petrol generator?

Hello,

Please read through this thoroughly. 

I'm planning on buying a petrol generator and running it on propane however I wish to still be able to use petrol without too much hassle,
I have made some plans on which components need to go where and what I need to buy.
I have a fairly good understanding of how the, engine, carb, fuel tank, ect works. I was just wondering if it would be safe and if it could cause any problems to the generator or even me (explosion hazard).
I have uploaded a picture to demonstrate what I mean press the I at the top left hand corner to make the photo bigger :)

This is a 4 stroke engine so it has a reservoir of oil built in to lubricate all the components as necessary to keep the engine running
 
Things I need to know.

Will it damage the engine not being lubricated and cooled by petrol.
Could the propane tank/carb/engine or anything explode? - is it likely
Are there any other risks I have overlooked.
your opinion of the design if you think it will work and any tips on making it better.

Stuff I'm using: -  most will be bought on eBay

Generator -  1kw not 100% decided which one I'm getting.
Regulator - 37mb 8mm hose connector 1kg/hour. I understand it is 8mm however I will stretch a hose over it no problem 
T piece - 6mm barbed T piece for fuel lines 
Fuel On Off valve - Barbed 6mm hose connector 
6mm unleaded fuel line 2 meter - hose from fuel tank to on off valve to t piece to engine
6mm orange propane gas line from T piece to 1 way valve, regulator, propane tank - although it is a 8mm regulator it will stretch on to the fitting nicely.

Thank you for your help :) 






 




Picture of Propane used as fuel in Petrol generator?
the problem of propane is beiing a gas. instead of using propane, why not use a diesel generator with filtrated cooking oil? if you want to use diesel again, just build another tank.