I think the safety mechanism that shuts down the PSU at high power loads is there to prevent any damage to the logic board traces. I'm not certain about this but I guess it should trigger above 300W which is the global power limit of the PCIe slots and power outlets. I've never had any problem so far running an overclocked Titan X at constant 110% TDP. The only drawback is that the PCI and PSU fan speeds are linked to power consumption and get very noisy at 275W. This incited me to do the internal PSU mod anyway (solder an 8 pin PCIe cable directly into the PSU to the GPU) which resulted into much more acceptable fan speeds without any worrying impact on temperatures (PSU/PCI 925/1550rpm vs 1500/2250rpm at 275W).
I was worried the PSU couldn't handle the Titan X as it has the same TDP than the 780Ti which is notorious for being able to shut down the PSU. I just don't get the exact reason why one would work and not the other. This might be related to the GPU peak consumption and/or slight discrepancy between power safety threshold on different Mac Pros.
As netkas said, the 980ti is a more risky choice as some samples have turned out to be more power hungry, however I've been surprised to see what my MP could handle. I'm also surprised to see that some samples are able to exceed the TDP as it seems that Maxwell cards tend to throttle to strictly enforce the TDP limit. Those who want to give it a go should be prepared to do one of the internal/external PSU mods or to resell the card just in case.