Even if the site isn't to be banned chances are high to be smartpriced. How this traffic generated by school kids trying to access myspace.com is going to convert into sales anyway?
There is no content on your site, which makes it against TOS. Just put a quick 100-200 work paragraph about proxies somewhere on your site. It will help with relevant ads and make Google happy. Good luck!
Not neccesarily accepted by Google, but if you are already accepted, it will help keep you in compliance. I wouldnt submit a proxy site to try to get accepted into adsense.