Okay, enough of the radio announcer crap. I put together a simple (8 line!) patch to ljviews.pl that simply checks for nohtml=1 on lastn and friends view generation. If present, it escapes everything except LiveJournal specific tags. I.e. this comes out as <b>this</b> but the lj-cut they put in there stays and works fine.
It has been tested on my goathack: normal, with nohtml=1.
The patch is simple, 8 lines: