Hi,
I think tracking/intercepting practice is a different thing to imitating an approach.
In any case everyone is entitled to his/her opinion and workmethod as far as it's within the rules.
If you fly VFR with the student under the hood and you keep a look out I guess you can do anything that is compliant with VFR. But then again, there are many things that are within regs. that I think are not very sensitive or efficient to do.
In my last FTO they used to have a "home-made" procedure but it was "official" (ATC and CAA approved, and it was standard/official for all instructors).
And final word of advice... in my short instructing career I have already seen many unprofessional attitudes/predispositions in students (as far as watching youtube in class, with a laptop that was supposedly use to take notes and follow-up the slides, dodgy flying, having mp3 with earbuds while taxiing, etc...). I think sometimes we gotta try and stay on the "stiff upper lip" side and overdo the show a little bit, so they get serious about it.
In fact I used to be a bit more laid back and friendly, and always trying to be flexible (like some of you guys mention here, going the extra mile so the guys save a few bucks) but I realized it was a mistake.
I'm don't mean that we all become "self-important jerks", just a bit on the "stiff upper lip" side.
Just my $0.02 (simulated, of course)
Cheers / Pablo