Accessing urls with database IDs out of range or not allowed for the user's permissions results in parse errors when Vanilla is on PHP 5 installations.
Probably a good idea--although it should return a 403 if the user doesn't have permission or capability to view the discussion.
Actually, on second thought returning a 404 or 403 might be a bad idea if something somewhere catches it and modifies the output to a generic error (like ErrorDocument in Apache, or 'Friendly HTTP error messages' in IE)