No. This is the wrong point of view. You are still thinking in terms of not insulting "them", when, first, that's a completely ridiculous criteira to follow: you will always insult islamists no matter how hard you try not to. No matter how benign or fair or commited you are to treat them properly, you are insulting them. This is an old argument, the same that went about how 9/11 was actually a response to what happened in Palestine and Iraq's invasion. But they (Al Quaeda) have written extensively about this. What riled them up was how East Timor was freed from Indonesia's dictatorial grasp (that is why the Embassy where De Mello was was bombed, btw) and how the non halal American troops desecrated holy soil when they parked on Kuwait to free it.
You are still thinking you are dealing with sane people here. You are not. Islamists (not confuse with muslims) are irrational and insane. Now I can still hear you going "yeah that's why we shouldn't rile them up", but that's not the whole story. The main story is how we should NOT ever let the narrative come about on how we allow them to dictate to us what we are allowed or not to do. What is amazing here about the Mohammad shenanigan is that not only they are themselves forbidden to draw him, they somehow put in their freakin minds that nobody else is allowed to do so as well. This is not happening in a vacuum. There is a wide world movement to enact and strengthen blasphemy laws everywhere in the world (the huge lobbys to do this in the UN for instance) and so whether you like it or not, there is a war on free speech acting itself out in front of our very own eyes.
This is a war that must be confronted. And I think the most accessible way for everyone to do so is to either participate in these things or support those who do these satires, etc. In here lines are drawn, it becomes immediately clear where the enemies of free speech are when they start talking bull**** (like Bill Donohue), or so many politicians when they dared say that the real problem was the cartoons (none of that **** now, but I did saw too much of it in 2006).
Works of art like "The Life Of Brian" were also deemed to be immature, senseless riling up and extremely offensive at the time. But they freed minds. And so do cartoons. The number of young people who go to the internet, always thinking that such drawings are extremely forbidden only to find thousands of them, that will slowly start to erode their fanaticism over this issue. And yes, it might radicalize a few. But I think you are miscounting the much bigger silent majority of people who are watching this unfold and go "hey maybe...." in their minds. And it's those who will reform Islam. It's those who will revolutionize their own countries.
The mere existence of a depiction of such a SERIOUS figure in so many unflattering cartoons will be seen by billions of youngsters. And I believe this impact is assuredly positive in the long run.
Also, I do not think of anyone who doesn't participate as "cowards", that is absurd, especially if they don't believe it's useful like you do. I do try to instill this necessity, but I am 100% confident each one of us will do what they believe is right in the end.