I would take it, if they met some criteria:
1. Guarantee that I would be placed in an institution where I could not be hurt nor hurt anyone else while insane.
2. Guarantee that if the experiment were to suffer a catastrophic failure they would pay 10 times the amount to my family (If I die, If I kill someone, If I can not regain my sanity)
3. Guarantee that the original amount offered is mine even though the experiment might not work out as expected. (I get the $5 million even if they find they can't make me insane)
4. They would have to pay half up front, another quarter halfway through the experiment and the final quarter at the end of the week... unless they can't restore my sanity in which case they would have to pay the 45.5 million in daily installments of $1 million until my sanity is regained.