It looks like $vbulletin->options['enablecensor'] controls whether censoring is on or off, and $vbulletin->options['censorwords'] is the list of words. So maybe if you created a plugin using hook location private_start and either turned off all censoring by setting $vbulletin->options['enablecensor'] = false, or else removed the words you don't want to censor from $vbulletin->options['censorwords'].
BTW, I haven't tried this at all.
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