It won't be rejected, but you'll have to set your deployment target to iOS 5 and people running iOS 4 won't be able to download and install your app.
To use this method only on iOS 5, and still allow the app to work on iOS 4 (with blue tabs) do this:
if ([UITabBar instancesRespondToSelector:@selector(setSelectedImageTintColor:)])
{
[tabBarController.tabBar setSelectedImageTintColor:[UIColor redColor]];
}
This code is safe to run on iOS4.
Alternatively, see my answer to this question that explains how to fully customise the tab icon colours in a way that works on any iOS version: tabbar item image and selectedImage