Risks of Tissue Growth Removal from Inside the Lip?

The tissue can be surgically removed with a small surgical procedure, followed by suture closure. 

Generally, the oral mucosa heals very well. My concern with an area of chronic irriatation is that it could represent an oral cancer; I would definitely sent the tissue to a Pathologist in order to determine the nature of the problem.
However, in most circumstances with non smokers, such areas represent areas of irritation.

Most likely this tissue is benign.. Like you said sometimes from biting on the lip mucosa you can aggravate the situation and this can usually be easily excised. It can also be sent off to pathology for evaluation just to make sure it is not a cancer.

VERY small. The mouth heals extremely well with hard to see scars.
Although the "growths" you refer to could very well be a scar response to repeated trauma, in a small number of people, such tissue may actually be a cancer. Whenever something persists for a while, ulcerates or just should not be there, the SAFEST COURSE OF ACTION is to either take a small piece out to have a pathologist review it (INCISIONAL biopsy) or remove the whole lesion (EXCISIONAL biopsy). Either one would be acceptable in your case.
Unless there is something you did not tell us, the wound should heal without problems.