As long as whatever you plug into the phantom power is not referenced to earth (ie floating), then there will be no problem.
Dymanic mics like SM57s, SM58s have an impedance matching transformer in them, which is floating. Transformers don't pass DC either (which is good if you think about valve amp OTs......) and additionallyso isolates the capsule from the phantom power.
It is perfectly safe to apply phantom power to these mics.
However, you should also be aware that you can damage the phantom power supply if you plug it into a item that has one of the balanced signal lines earthed (ie unbalanced).