Don't submit any sort of tethering app. Chances are it will be approved and removed within a couple of hours. Apple is 2 for 2 so far: Netshare and iTether.
Is this some kind of cat&mouse game from within Apple? Whoever is approving these apps must know what is going to happen. While it must be stressful for the app owner, as a spectator it's amusing (and granted, it's an issue I'm not affected by).
This one is interesting. If your app does something more than just tethering, it will likely be approved. Your app should change the data in some way for the receiving machine. Automotive telematics systems do this already, for example they use apps to stream music and map data to the head unit (pandora, gmaps) while basically reformatting the data for the head unit.
In other words, don't create a general tethering app, but a specific "service" for another device.