As far as I know, as long as it doesn’t trip BattlEye, any post-process app should be acceptable for use online. Funcom’s position is generally as hands off on official servers as possible, but they do not want the game to be played in a way they do not intend.
The above post is from just after official launch, and there are few topics on it here, at Steam or reddit.
I know there are exploits inherent in any dynamic view system, are you asking about specific issues?