From what I saw, 'killing' that component simply caused any Apple app to throw up an alert saying the component wasn't found or that the app couldn't work without the camera. Third-party apps didn't seem to do anything differently, they just didn't make the camera available, so no video chatting, etc. But there may be some Apple apps that use the camera that I didn't think of. Saw FaceTime mentioned today and realized it would be another function that might need deleting.
OTOH, would it be possible to simply create a minimal account, maybe even a Simple Finder type and or one with "Parental" controls enabled, that severely limited what could be done in the account? But the 'request' by Apple to leave things alone in the Applications directory/folder are more for its benefit (knowing where to look for installed apps) than for ours. I have often re-configured the Applications folder by grouping apps in folders of my own design. It just makes Software Update use a little more difficult. So, I'm saying simply removing the camera using apps should not negatively impact the stability of the set up. If I were you, I'd investigate the settings in the Users & Groups and the Parental Controls pref panels (these are the names in Lion, BTW, I think they were all in the Accounts panel in Snow Leopard and previous versions of OS X).