It heavilly depends on what is the goal of your run. For example, if the goal is making a TASvideos submission, I guess, the hack should be in released state. It’s not a good idea to submit runs of beta/preview versions, because there is a huge possibility that your run will desync with a newer version and so will be «naturally» outdated. It’s also obvious that it’s not a good idea to submit hacks having ugly look. Not all romhackers are good at level design and other visual stuff. A good example of a poorly designed hack is
this…
There are also some hacks that allow you to cause horizontal underflow very early, in the very beginning of every single level (especially if they add some move allowing you to take a boost over 4096 sp/f). Obviously, the viewers will not enjoy a run which consists mainly from score countdowns.
Also some hacks seem to be not ideally designed, but feature something extraordinary, something unique that cannot be found in original games. Someone may really enjoy them. In other words, if
this got submitted, I would vote Yes :)
You may want to see this as well…
http://tasvideos.org/MovieRules.html#GameMustBeReal
http://tasvideos.org/Guidelines.html#Planning