I am often using my device to develop, so I'm a little bit worried that the constant charging might fry the battery. Is there anyway to use USB debugging while not charging the phone?
It's an hardware issue that is easy to fix: charging is done with the USB cable. My answer is to cut the wire of the USB cable. Or more simply, you can "cut" the courant by placing a tape or any other non conducting material on the appropriate pin.
The spec of USB are easy to find, eg http://www.kineteka.com/microusb-b.aspx
I wouldn't worry about it. Lithium Ion batteries used in most (all?) modern phones are not as sensitive to "top-off" charging as NiCd batteries, which have "memory" and stop accepting a full charge. Searching "lithium ion battery" on this site will bring up many discussions, such as this one.