While you won't get banned, you'll probably get less uploads for rarer files IMO. After all, there's this filter in the Preferences that filters out connection speeds and/ or quality, among other things.
About the queueing thing, it's not just on modem: I used to have an awful lot of queues too and I'm on ADSL.

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iMac G4 OSX 10.3.9
RAM 256MB
LW 4.10.5 Basic
ADSL anything from 3 to 8Mbps/around 1024kbps

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