I see reference to some oddball molecules for catalysts, stuff like pentadiene carbonyl complexes, phosphines and such.
Well, i shouldn't have called it a catalyst in the first place... They are not really catalysts since they get used up, they are needed to start the reaction by breaking down and creating highly reactive butadiene species who react with other butadiene to start the polymerisation. You will get some unused chromium compounds in your final product, together with organic molecules that have heavy-metal compounds at one end.
And no, Cr3+ is not harmless per se (just look at CrCl3), it just so happens that most compounds of it in that state (Cr2O3) are insoluble in water, making intoxication by swallowing it basically non-existent. Btw, chromium sulfate is used for tanning leather, i wouldn't eat it... Yes, when you burn it a good part of it will react to the oxide, but you have a bunch of organic molecules that can form interesting new compounds with the chromium, and none of those will be friendly.
And as you need some highly reactive stuff to start a polymerisation, you have to use Cr6+ compounds (Phillips catalyst is one of them) or other chemicals you wouldn't want to touch (t-BuLi for example).
Carbonyl groups are not toxic on their own, they are pretty tame (they are one of the essential building blocks for organic chemistry) as long as they are on organic molecules (which they are 99% of the time). CO poisoning occurs when carbon monoxide inhibits the spot of oxygen in a molecule, but since carbonyl groups are way bigger than the small CO molecule they just don't fit in that tight spot.
Phosphine on the other hand is extremely toxic because it has phosphor in the -3 state and nearly every organic molecule that has a functional group will take some electrons from it (it has eight to lose per molecule, that's an insane amount). Those organic molecules change their properties/break apart and can't function in the way they should be->toxic because it may stop important processes in your body.
If you dump Phosphine on chromium metal, nothing particulary bad should happen but if you dump it on chromium that has a higher oxidation state, it will explode (and maybe form some phosphor-chromium compounds in the process).