Thanks for responses guys (and thanks to links to an interesting read). Just as an FYI I just had surgery, so health is kind of on my mind right now. My Kayfun (which is one of the least likely tanks to produce a dry hit, IMHO) gave me a nasty dry hit, even though there was still juice in the tank. My standard procedure is to pull the cotton (I stopped using silica) and rewick after a dry hit. I was just wondering if it was doing some serious damage to my lungs.
No reason to make such assumptions. Especially if you have even looked at your wicks while replacing.
Next time - run it under water before pulling to replace and have a look at how clean and solid the cotton remains. The discoloration is mostly Flavoring staining.
Might consider a lighter wick. Kayfun should never dry hit if built right.