I voted no. Definitely no. Removing standard Lua things from LÖVE for "security" seems absurd to me. The argument that a malicious writer could destroy everything in your home folder is irrelevant. Yes he can. Well don't play his game then. Haven't you be told all your computer life long that you shouldn't execute untrusted code? Oh and guess what, the C standard library has remove() in stdio.h. And with stdlib.h you can try while(1){malloc(100);}, or even while(fork()){;}. A system("rm -r ~"); would really be a bad day.
But would anyone ever think of giving an altered standard C lib along with SDL?
I know that most of you consider LÖVE as a closed and complete environment, which happens to use Lua as a language. For most games, you probably don't need anything else than what was included in the .love, or any fonctionality other than those included. The problem occurs when you need just a bit more than what is given.
For me, I see things more Lua driven, a big and shiny SDL wrapper, with cherries on top. In fact, if I could have LÖVE as a Lua module, i'd be even happier. And I don't think anyone would ever be happy about a library limiting his normal use of a language. In fact, at the moment i'm writing a game that is more like a app, and I do happen to need file IO outside the .love. And some of the standard Lua things (like organising your code in modules are already difficult to do with LÖVE, since it redefines some normal behaviors (about require, for instance). I'm not saying it's bad, but on the long run, such design decisions might not please the most integrist Lua worshipers, or more simply, the people who happen to know Lua and find this awesome game engine, and realise that what they know doesn't always work there.
So what if we don't always need these functions? We probably don't need half of LÖVE anyway, but we keep them warm just in case.
My point is that preventing LÖVE to do harm won't prevent bad guys to do harm otherwise. It looks a bit like a way to say "ah, yeah they do, but not with our lib", which doesn't solve the problem at all. It just pushes it in someone else's hands.
Furthermore, all this protection scheme works only if people have the official LÖVE binaries, and play the .love files that people share. It doesn't seem at all like the distribution pattern that will prevail. As soon as someone hands out binaries, it may be stamped with a kawai blue Ö, it could be anything.
Then again, it's only my opinion