As Jay said about constant updates, you start eating up valuable CPU time with tables/lists once a troublemaker knows the script is there.
If they get banned temporarily, and want to cause trouble, they'll have friends come in and try all kinds of different ways to say the same word they got banned for.
I wouldn't recommend it as lists would grow quite large, and behaving players would grow annoyed.
Perhaps you could use Jay's release "Arequest" from our releases forum.
Though meant for addon requests and such, maybe it could be used for offended players to post names of people who swear.
If not Arequest, I've seen other player report addons, just not sure exactly the name. Look here and Facepunch releases.