Fedora Security :: Xinetd And Bash Scripts - No Need For SSL

I've recently setup a simple service application using xinetd, which runs a bash script to allow users to check for specific events into a log file. The contents of this logfile is not sensitive, so no need for SSL or password protection. Though, my concern about it is the possibility of a malicious request to cause execution of arbitrary code. I've seen similar bash issues discussed briefly a couple times, but never actually seen any solid point of how much of this is a fact, or myth. I've tested some obvious things, like sending tricky characters into the request, but so far it looks ok. So my question here is, considering the following code below, would be possible for an attacker to exploit it? How safe it is to have this sort of application running as a service?

# /etc/xinetd.conf
Code:
service logfile-search {
server= /home/guest/logfile-search.bash
socket_type= stream
wait= no
instances= 5
per_source= 1
user= guest
nice= 15
log_type= FILE /home/guest/logfile-search.bash.access.log
log_on_success= HOST DURATION EXIT
log_on_failure= HOST
}
# /etc/services

Code:
logfile-search30000/tcp
# /home/guest/logfile-search.bash

Code:
#!/bin/bash
trap "" 2 3 24
echo -n "Enter search string: " ; read -t 120
if [ "$REPLY" ]; then
echo "`date` - $REMOTE_HOST - $REPLY" >>/home/guest/logfile-search.bash.search.log
grep -i "$REPLY" /home/guest/logfile.txt
fi
exit