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no, they will not. Users on shared hostings are allowed to use custom php.ini, not to edit the servers one.
If you run your feeds in a reasonable way, they will not ban you. I have about 200 blogs on dreamhost, but each goes on 2-3 feeds and the feeds are processed separately. I will explain all this later. If you do everything with caution you will be ok, and after you make some money you can go to dedicated hosting.
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