Well, one of my accounts that had 3 spaces in it got banned for offensive name, but I was able to appeal. I don't think it's true. Might have been a while ago, but it shouldn't be now.
No, they had seperate updates to make it possible to report names such as O 0 O 0 O 0. What they did for names like that was to add the dash in the middle of the zero. Some time ago ( not sure the specific date ) there was another date to make it so you couldn't register accounts with more spaces than 2 in the name to reduce the complexities of reporting for the average twelve year old.
No you won't get banned lol. I have one with 5 spaces. I did get banned on my other account though. That was like oo0 0oo o0o before you the new update came and you can see the different between the o's and 0's.