I think nosebleed would be the very worst outcome that is possible here. The fire sounds a little far fetched! This is an air tool. It is not gasoline powered!
The #901 and the #915 are the same handpiece. Piston with the spring down its a #901. Piston with the spring up its a #915. The Gravermeister is nothing more than a vacuum pump with a rotating pulse valve on it. The vacuum pulse draws the piston back and the spring drives it down #915. On other GRS air assist applications where a pulse of compressed air drives the piston downward the spring is turned down and serves as a rebound spring #901.
Just so you know the 411 on this. Here is the scoop from tech at GRS.
In order to convert a 901 to a 915 he must first determine if he has a polymer coated piston or the 3 ring moly coated piston. If he indeed has the 3 ring moly coated one all he needs is the correct spring 011-362 and the correct hoses, 004-434 and 004-433. If he has the polymer coated piston then he must purchase the 004-406-V2 moly coated piston and the correct spring and hoses. The polymer piston will not work for long because the poly sleeve is only captured on one end of the piston, reversing the impact side will drive the slug out of the poly jacket.
Whenever in doubt, please contact them. They are more than valuable and ready to help.
Rex