I believe there have been previous threads wrt crosswind component criteria but the operator I fly for specifies to use the whole of the mean wind component plus half of the total gust to compare to max crosswind for landing.
So in the case give runway 07, w/v 100/31G50 the calculated crosswind would be half 31 = 15.5 (since wind is 30 degrees off runway) + half (50 - 31) = 9.5. Therefore crosswind component is 25 kts so compare this to ops manual limit for landing in given runway conditions.
That of course is the academic situation but if it's within limits and you are happy to conduct an approach then why not? You can always go around if you don't like it. Also modern aircraft have windshear warning systems.
I am not saying I would always be happy to start an approach just because the reported wind is within limits but this can also vary between what the ATIS is saying and what you're actually given when cleared to land. Obviously good airmanship has to be applied throughout.