Should I not pursue a dream because the consequences of failure would be eternally painful?

Those who never fail are the ones who never succeed. If you want something - go for it. If you fail, reailize that there are millions who also walk in your shoes. Never be afraid of failure. Babe Ruth led the leagues in strikeouts for 36 years. He also led the leagues in home runs. Ernest Hemingway had to rewrite the book "Old Man and the Sea" over a hundred times before it was published. Every great person can show you a record of failure. Yet, they didn't give up - the kept on failing until they succeeded.

You have to ask yourself what would be most painful for you: failing, or having never tried? Which can you live with?

I offer this alone and it is no revalation.
"The most common cause of Failure is "The Habit of Quitting" when one is overtaken by temporary defeat. " How many folks have stoppted just short of victory we will never really know. But recorded instances are staggering.
One of the last centuries most famous wealthy men stoped 3' short of striking gold. How do we know? The salvage operator who bought the mine and equiptment decided to give it a little whirl to test things out. Lol
He hit the Mother lode.
Press on,

How high is the rate of failure? You need to be level headed in your actions especially when it comes to irrevocable actions and destinies. If you are afraid of failure because of low self esteem than you need to overcome this. If there is a genuine chance of failure then you need to realistically assess it before you decide.

If you had kids what advice would you give them? I would hope it would go something like if you want to hide behind your mom's skirt for the rest of your life, then that's fine, but man didn't get to the moon by sitting at home thinking about consequences. I love to ski. Do you honestly think that I looked down that mountain and smiled the first time I went? Hell no, I was terrified, but I went anyway, in part because the chair lift operator wouldn't let me ride the chair back down, but also because I knew that if I didn't do it then, I would never try again. Life is all about risks. Driving is a risk. Even climbing out of the bath tub is a risk. Just do it and be happy that you are one of the lucky ones who have had the chance to realize your dream and act on it.

You will find that you are much more disappointed by not having attempted something beautiful than by failing at it. A failure, at least, can be blamed on others. Not trying, though--that's all on you.

What would the successes be like? Eternal happiness?
Worth it.

Always consider the worst case scenario. If it's worse than the worst case scenario of doing nothing, give it up.

I'm mixed about lots of answers here. I was always told as I grew up to hold on, fight for what I wanted, and I'm that kind of person. But now I hold on to my dreams, be a writer, talk to my Dad, people react differently. All I could tell is, if you want to be fully yourself/leave your dreams, have a backbone, prepare yourself to be on your own at times, and to lose on the way some of these whom in the beginning supported you. So my answer would be yes, be what you are.

Walt Disney was told that a cartoon about a silly mouse would NEVER sell.......

I'd say it's better to live knowing you at least tried, than to live in regret wondering 'what if'.

You'd rather the pain of doubt ,passivity, fear,regret,??

If you do actually have a dream; and have no intention of being In it, failure is the dream you've chosen as success.