Many practitioners of yoga advise against the practice, according to a recent NY Times article ("How yoga can wreck your body") discusses risks of this sport, with frequent mention of injuries caused by headstands. Most of the problems seem related to excessive pressure on the cervical vertebrae. Other problems mentioned are retinal tearing (due to pressure on/around the eyeballs?), blood flow disruption and nerve damage.
The article makes no mention of any effects of increased blood flow to the brain or whether inversion can cause this, nor does it address any claims of unfiltered or unoxygenated fluids stored in the legs.