Oh, man, that's a cool idea! I think it'd be far too hard to do as a 1" inlay but that'd be sweet in the Wolf position of a nice Wolf guitar copy. Hint, hint, Mike, wherever you are.
I'm not really serious about a bomb for this inlay, MT, but I'll definitely put one on the side of the 15" speaker cab that I plan to build. That'd be awesome! And maybe I'll add a fuse to the speaker, too, so the whole thing looks like one of those cartoony bombs that you mentioned. Imagine this except with a 15" speaker melting your face instead of the round bomb part.