I've seen this happen once while spotting someone on a preacher curl... the sound is just like ripping a sheet of cloth apart.
I'm going to save this pic and post it every time someone does hook grip on deadlifts while doing a workout. The bicep isn't meant to handle that much load, and you're only asking for injury.
(skip ahead to last 30 seconds)
In my opinion, it's not worth it. Yes, you can use more weight on the alternate/hook grip, but the risk of tearing a bicep makes it totally not worth it, at all.