There's no option to safely remove a usb drive or sd card from an iLiad.
I make sure I'm at a contentlister screen and don't have the cursor at the MMC/SD or USB menu item before I remove a card or usb stick.
However, if either the iLiad or usb stick are blinking, I would do a full shut down of the iLiad before removing any cards or the usb stick - just in case. Its not worth taking a chance of corrupting your files.
And... welcome to Mobileread