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Off-topic (ok really on topic) I must point out there is nothing magical about Li-On batteries that make them not susceptible to over charging. The magic is in the charger themselves.
Also, leaving a battery plugged in while using it could reduce its life. You'd have to do it A LOT though. I guess its not really applicable to phones, but lets say you had a laptop, you left running and plugged in for the better part of a year, you'll find yourself with a dead battery. The constant state of discharging and recharging isn't good. I know from experience. I have an 8 cell laptop battery that was dead within a year because of that.
Actually, we have no issue with tethering via rooting methods or through PDANet or the like. We draw the line at those going through sequences to use the actual Verizon Wireless Hotspot app itself for free.