VAC bans are retroactive. They try to catch as many people as possible using a particular hack before they ban anyone. It can take UP TO 5 weeks for a ban to be issued, but more often than not, it only takes about 10-14 days before you're banned.
So, if you use this hack today then sure, it might work just fine. A week or two, or heck, even three weeks from now, you could be banned out of nowhere though.
Don't use PUBLICLY ACCESSIBLE hacks without knowing the risks inherent with using them and you're willing to accept the risk of having to shell out another $60.00 for another copy of this game. As far as I know, only hacks that modify the textures/material editing hacks can circumvent VAC2, as it relies mainly on program integritymory checks which a LOT of hacks use.