Not everyone believes in the guards, so presumably there must be some kind of magnetic effect in the region of the red circle which affects navigational equipment but otherwise, yes you could go on exploring but lets look at the impracticalities, just according to that hasty model which may not even be close to the true size of the IW it's thousands of miles over frozen tundra, supplies getting to and from the edge would be difficult.
Sunlight would reduce and reduce until you're travelling through perpetual night, meaning the temperatures would plummet.
it's a giant flat plane, a the largest desert on the planet, windstorms are going to be intense