The subject somewhat says it all. I know the iPhone charger would probably charge the iPad slower, but I don't know if the iPad charger would fry the iPhone.
I plugged a third-party USB cord into my work computer yesterday and my iPad refused to charge off of it, so that's why I'm wondering...
The iPhone charger will take 2X as long to charge the iPad as it is one-half the power. It will work, but slowly.
A USB port will also charge the iPad despite the fact it says on top "not charging." I do it all the time, it is just VERY slow. At least as slow as using an iPHONE charger and possibly even slower depending on the power of the USB port.
The iPAD charger will charge the iPHONE in the same time the iPHONE charger will, not faster, because each device is set for it's own charge RATE in the hardware. You could put a 1,000,000 watt charger on an iPhone or an iPad and both devices will only charge at the set rate in it's firmware.
Some DEVS have modified the charging rate on some Android devices through the devices firmware but it is dangerous unfortunately Apple doesn't provide that access even on a jailbroken device.
As for cords, I have a couple 3rd party cables that charged the iPad 2 fine but don't work on the iPad 3. Well, the do sorta work, it took like 17 hours to charge it.