Yeah, Family Share is probably one the best "VAC Bypass" ever. If you don't mind restart stats from scratch that is. All you have to do is make a new account, share games from old to new using family share and there you go. You can play the games that are shared for free. You can add up to 5 account in the family share but you can also remove account to make sure it never reaches 5.
To my knowing manual IW banns (or that they just don't let you on the server) can only be evaded by Family share, VAC however can not be evaded by sharing accounts. I don't have a VAC bann so i can't test it.