Siddharth
May be you can take a different approach 
Some of the places I worked, I have seen tempdb configured with log and data mixed just like master database. So you have full tempdb available for growing data and log. This is done because unlike normal user database we do not need to worry about tempdb recovery.
Risk of runaway process exists in all set-ups.
This architecture has a danger of runaway transaction filling up whole tempdb.
But it also has the benefit of space for the DBA maintenance work where whole tempdb is available for you to use for worktables and/or transaction logs as needed.
Think about it, test it and if found suitable implement it
HTH
Avinash