I created 6 custom items just a moment ago and there were several errors. First, it didn't give me any event notice that i had submitted images for the custom items. Second, it automatically accepted each and every custom item. Third, it didn't reduce any CPs for any of them. Fourth, they spawned at an invisible location again.
Yes, the CPs will not be deducted and the items will not appear at their correct location until they have been accepted. Really it is just the event message that you initially receive that is flawed, because it leads you to believe the items have been approved, rather than having been submitted for approval.
I know, for some weird reason, when CPing custom items in puts them in your invent, with no image and no location. Once I accept your images, then you get a location and an image. That is of course, IIRC. I might do some testing to figure out this all later.