No, observing the electrons in a penguin would not cause it to collapse into a pile of dust. The behavior of electrons is governed by quantum mechanics, which is a probabilistic theory. When electrons are observed, their wavefunctions collapse to a specific state, but this does not have a direct impact on the integrity of the penguin's atoms or its physical structure.
The stability and integrity of the penguin's atoms are determined by the interplay of various forces, including the electromagnetic force that holds the electrons in orbit around the nucleus. The act of observation does not alter these fundamental forces or cause the atoms to disintegrate.
Observing electrons in a penguin would provide information about their positions and momenta, but it would not cause any catastrophic effects on the penguin's physical structure. In fact, everyday interactions with photons of light involve observing electrons, and yet objects, including living organisms like penguins, do not collapse as a result.
It's important to note that quantum mechanics is a complex and fascinating field, and there are still many aspects that are not fully understood. However, the collapse of a macroscopic object like a penguin into dust simply by observing its electrons is not a consequence of quantum mechanics as currently understood.