I am under the impression that the blocklist programs (such as ublock origin or pi-hole) do not have an option to redirect to anything other than the void. I can only see downsides to allowing this.
Actually ublock-origin has some options to replace Javascripts with custom (presumably less intrusive) scripts. Although I don't think 3rd party lists can do this.
Anyway the repository in this post also provides host files, which most definitely can redirect you to malicious IPs.
Anyway the repository in this post also provides host files, which most definitely can redirect you to malicious IPs.
Edit: Turns out 3rd party block lists can use the redirect feature but only to Ublock Origin managed resources: https://github.com/gorhill/uBlock/wiki/Resources-Library