Not sure if Dopefish will see this but here is the response I received back from PunkBuster's tech support:
Note #2: There was a version of this particular application that did result in a violation, as the way it was coded was not allowed. That was back in November of '07, and the developer worked with us to address the issue. It has since been corrected, and you should be alright. It is in your best interest to check the forums for each version that is released before using it to be sure, as we don't verify the developer's releases for him.
The problem is that my initial ticket to them was regarding the legality of using the software as opposed to me telling them that I had used it, and was subsequently kicked by PB. To be honest, I have see PB kick myself and others for unexplainable things in the past. It wouldn't surprise me if I was kicked for some other crazy glitch related to PB itself.
I will probably be away from my personal computer for sometime to come which hinders my ability to conduct further testing. I would really appreciate it if anyone who believes using this application results in a kick after the 1.5 CoD4 patch to please reply back along with a direct copy/paste of the error message so that I can press the matter further with PunkBuster.