I used to code for 60 or even 70 hours a week when I was younger with no problems.
The only danger is when you either run out of coffee or you only realise you're hungry when the pizza delivery place has shut for the night.
As for maintaining clarity during long stints, that's completely up to you. If you can maintain it then do it.
Having said that though, your health may degrade over time and I don't mean a lot of time either.
Working like that over even a two week period will take its toll. The danger is that you may have set a precendent with your boss and he may now be expecting you to finish the project like you have every other time.
So, you need to balance long working hours with leisure and down time. Even if by down time you mean going home and studying if that's what floats your boat.
So long as you're young, building your carreer and above all, having fun then go for it.