I don't use 0000 steel wool on my GUITAR. I use it on my fretboard lightly every 3-4 years or so to polish up the frets a bit. It's pretty standard practice in the guitar world. I also clean it with a damp soft cloth and then dry it with a dry soft cloth. After it's dry, I put a few drops of Bore Oil on a cloth and wipe it down. After a few minutes, I wipe it dry and buff it. My personal guitars don't get very dirty and I "play clean". Keeps them up very nicely and it's the recommended way on many lutherie sites. Those inlays are pretty sturdy stuff. I don't HAMMER away with the steel wool, just lightly buff. It's fairly accepted practice. If you choose not to, that's fine as well.
Stu, if the dirt and grunge on the fretboard is not coming clean easily and you don't want to use steel wool you can use NAPTHA, which is safe on the finish and cleans super dirty guitars really well. Either way. Once you get that thing cleaned, all you have to do is use regular maintenace. Also, I take ALL strings off at one time for access and cleaning/conditioning. Then put new strings on. It won't hurt your guitar to do that. Nope!!