If there was a plugin whose function was to replace landscape textures with pornographic images from a master list of sites every few minutes, and it worked, would it be approved or unapproved?
If the plugin does what it's supposed to, and only what it's supposed to, and it has an original function, it'll probably be approved.
It's downloadable from the plugins list either way.
I don't believe approval is a binding statement that sourcemod endorses the viewpoints expressed in third-party content. In fact, I think there's a disclaimer somewhere. Somewhere sticky.