I don't have any problems with loli boobjobs, it isn't something THAT serious, but if the artwork's quality gets affected, then that is a problem. As someone wrote time ago (can't exactly remember where), big-breasted lolis could actually be a new sub-genre of lolicon itself.

Anyone who watched hentai/asian porn before already knows how it works when it comes to censorship, so it shouldn't be anything new, but I do think that Nutaku's games are supposed to be western-oriented products, so they shouldn't apply censorship measures made for japanese laws, specially if they end up affecting the artwork itself.

The loli stuff is a more complex subject, since it works in the opposite direction: loli-related artwork which is totally ok in Japan, can lead Nutaku to serious problems with western laws. Honestly I think they're playing with fire when allowing characters which breaks their own safety rules.
The fact that there are loli characters being featured doesn't take away the risk they represent for Nutaku, so they're basically trying their luck when doing that.

I don't know about the rest, but I personally would not like to go to Nutaku's website one day, and find it taken down for legal issues and/or losing support from western banks. With that in mind, I wouldn't mind to deal with some modifications/censorship as long as it doesn't affect the artwork's quality itself.

IMO, Nutaku should play it safe, but without screwing with the quality.