The best potential Cheat Code mod would be one that only works if all players involved have it on.
What you're talking about, with the host having the power to use it, would only even possibly be OK if somehow the game was marked as a cheats enabled game, so everyone joining would know in advance. Like maybe the program only can run if you put "CHEATS ENABLED" in the game name or something.
If you released a project that allowed someone to secretly host games where cheats would be allowed, the #1 user would be dellam, and I would ask iL to ban you. Not saying you would release a program against our wishes like that but just saying it wouldn't be allowed, and use of it would be bannable if it was something where people joining the game didn't know you had cheats on and then as you start dying you type glittering prizes make it so etc etc and quick start rebuilding...