The primary danger in studying the Bible in an overly erudite, scholarly, and
academic way is the temptation to skip the all-important process of the application of Scripture to a lived life. All other dangers--apart from gross misinterpretation--pale by comparison.
Not that every passage of Scripture is applicable to one's life. Far from it. In the final analysis, however, the failure to apply relevant scriptures to relevant real-life situations--whether behaviors, thought patterns, or attitudes are involved--is a mistake made by all students of the Bible, whether they are scholars or not.
Since the Holy Spirit indwells every true believer in Jesus, He can certainly guide believers into correct interpretations of relevant scriptures, but believers can, in a sense, hobble Him, when for example their presuppositions are not in line with biblical truth. The Holy Spirit desires to guide us into all the truth, as John 16:13 reminds us:
But when He, the Spirit of truth, comes, He will guide you into all the truth; for He will not speak on His own initiative, but whatever He hears, He will speak; and He will disclose to you what is to come.
Since the Holy Spirit alone is capable of revealing the truth to the spiritually sensitive, yielded, and obedient believer, why then are there so many seemingly contradictory interpretations and applications of Scripture within Christendom today?
In your question, you differentiate between the Charismatic and non-charismatic approaches to Scripture. As commenter Mike Borden astutely observed,
There is a danger inherent in selling out to a theological school wherein the theological system begins to take precedence over the Spirit speaking through the Word, and the tendency is to "tweak" scripture rather than the theology. I don't know that this is relegated to the halls of academia.
I agree with the commenter. I am also assuming there are scholars on both "sides" of the Charismatic/non-charismatic divide. Who, then, is to say a believer--whether a scholar or not--is "selling out" to a theological system and "tweaking" the Scripture rather than a defective theology?
A critic of the "tweaker" could, perhaps, examine how the believer is applying the Scripture to life. The misapplication of Scripture is likely as common as the failure to apply Scripture to a lived life.
A Bible dipper, for example, might misapply a scripture through his or her method of application that bypasses hermeneutically sound interpretation of said scripture.
The story is told of a Bible dipper who thought he received guidance for his life by opening (i.e., dipping into) a Bible and randomly pointing to an isolated scripture for his marching orders for the day. On the first dip, his finger found Matthew 27:5.
And he [Judas] threw the pieces of silver into the temple sanctuary and departed, and he went away and hanged himself.
"Well, that verse cannot be God's guidance for me today," said the Bible dipper. "I'll just take another dip," which he did. Unfortunately, his finger landed on Luke 10:37, which reads, in part,
Then said Jesus unto him, "Go, and do thou likewise."
As risible as this Bible dipper's method of Bible "interpretation" and "application" might be, he is neither erudite nor correct in his approach to Scripture.
In short, overly erudite teaching and its opposite counterpart, foolish teaching, are two sides of the same coin, and they have this in common: They either bypass hermeneutically sound interpretation and application, or they bypass application altogether. Neither approach is truly biblical.