Pine shavings are a highly likely cause of liver damage in small animals (no, you wouldn't see this). The respiratory infections are probably more to do with pine dust, as studies have shown elevated levels of cancer and respiratory infection and disease (and asthma) in humans who work in environments where there's a lot of softwood dust.
If other types of bedding are available, I would use them. I am not convinced that a diet full of animals with elevated liver enzymes and liver damage is a particularly healthy diet for a snake... but YMMV.
Several studies have shown that rodents kept on softwood beddings have elevated levels of liver enzymes. The liver is the body's detoxification system, and elevated liver enzymes indicate that the body is working harder to eliminate toxins. In mice these enzymes started rising after only 24 hours exposure to cedar shavings and only returned to normal when the mice were away from the shavings for 12 days. If pine or cedar shavings are heat-treated or soaked in a solvent, so that some of the phenols are removed, the effects are not as great, but still occur.
References:
Ferguson, H.C. (1966) Effect of red cedar chip bedding on hexobarbital and pentobarbital sleep time. Journal of Pharm. Science, 55 p.1142-8
Jori, A. et al. (1969) Effect of Essential Oils on Drug Metabolism. Biochemical Pharmacology, 18 p. 2081-5
Vesell, Elliot S. (1967) Induction of Drug-Metabolizing Enzymes in Liver Microsomes of Mice and Rats by Softwood Bedding. Science, 157 p. 1057-8
Weichbrod, Robert H. et al, (1988) Effects of Cage Beddings on Microsomal Oxidative Enzymes in Rat Liver. Laboratory Animal Science, 38 (3) p. 296-8