For kicks I googled bakelite MSDS and found a bunch of them.
from 3M:
| Hazardous Decomposition or By-Products | Substance Condition |
| Formaldehyde | During Combustion |
| Carbon monoxide | During Combustion |
| Carbon dioxide | During Combustion |
| Ammonia | During Combustion |
(source: https://msdsdigital.com/3m™-bakelite-powder-black-green-red-msds, there are many others)
None of those things are particularly great to breathe in, but if you have a proper ventilation setup you should be ok. They’re your lungs, you need to assess your own risk tolerance.