playing a stereo record with a "no vertical compliance" mono cart does indeed tend to end badly. It is important to understand why this is the case. In a stereo record, the information common to both channels is cut in the lateral plane and the information unique to each channel (stereo) is cut in the vertical plane. Playing this back with a generator with coils oriented at 45° to the record surface presents the complete stereo image. It is the vertical (stereo) info that takes the hit when played with mono cartridge with no vertical compliance.
As JR has pointed out playing a high frequency mono signal with a conical profile also creates a vertical component so the same thing happens but to a lesser degree. The results of this are not as dramatic as the results of your mono Grado on a stereo cut but the effect still happens. Over time, this is not a great way to treat your precious early original mono recordings.
The case of your grado having an elliptical profile (or any other advanced profile) does not make things instantly better. The problem here is not the shape of the profile but the lack of vertical compliance. I actually believe that if not properly aligned, once the advanced profile is introduced to a situation with no vertical compliance, things can be even more damaging than a conical even on mono cut records.
dave