Well, here's the thing...
The rules are concerned with inappropriate language. The difference is that substituting something for one letter leaves the meaning obvious, so it's exactly the same as not doing it at all. Creating whole fake words with 'cartoon swearing' is perfectly acceptable in the daily newspaper, and as long as it's impossible to tell what was actually meant the intent becomes humorous. "*#)#&@!&#$" is the same as saying "Well, I meant something bad but no one knows what it actually was", which kind of makes it alright.
If I say "Privateer is a *#&@^&#@!", no one has any idea what was actually meant. It's the same as McBee using "Smurfing" as a pseudo-swear word.
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“Never do anything you can't take back.”
—Rocky Russo
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