Alright... I'm just gonna let this dribble out progressively and add to it as I gather my wacky thoughts on this wacky profession from that wacky time in my life.
As I said, safety first. Busking is generally pretty safe if you don't setup shop in Cracktown or whatever but you can draw the ire of other buskers/panhandlers.
So rule #1: Don't "Cut Other People's Grass"
That's the term on the street for when you set up shop too close to another busker or panhandler (thus potentially reducing their take of the limited amount of change jangling in passersby' pockets). Even if you are not collecting change yourself the assumption will be that you are so be aware of who's around and know that some people are very territorial about their busking/panning spots. Some aggressively so.
There are multiple ways to handle this type of thing (which I'll discuss in my next post) but the easiest way to avoid that type of confrontation is to simply not set up near any one panhandling or busking. If someone comes up and says "this is my spot"... I mean back in the old days when I needed the change I'd hold my ground (the general rule is if you ain't there it ain't your spot) but you ain't desperate and just want to play so I'd just say "No prob" and move on. Hell if you collected some change you could give it to them to get them started (or might even be all they needed anyway so they'll just go do their thing and you can keep playing).
I have a few stories about these types of intereactions that go both ways but definitely something to be aware of and sensitive to. Essentially these are desperate folks looking to feed their bellies (or perhaps a darker need) and are on a routine. If someone was more hurtin' than I was that day I'd just move along (made some friends that way too).
Now becaue you aren't collecting change that might sound weird but the change/foot traffic game is tense. With another busker nearby you may be clashing or distracting or whatever and for those thinking of giving to panhandler they may be more inclined give to the busker (because he's "doing something")... then realize "There's no place for me to give this guy money". Then they walk away confused and no one gets nothin'.
Might sound weird but there is a very complex psychology that exists at that level.
Hopefully that makes sense. I'll be back.