Smokey...I think you have the answer...it can be all of those things under the rule depending upon the situation. It's legal, except in the neutral position and its a technical violation there and you can let the action continue to see the takedown is complete. If the hold results in a choke or blood flow issue, it is PD or illegal depending on how it gets there.
It sometimes looks scarier than it is...and officials are usually pretty careful when a head/neck is involved, even when the hold is perfectly legal. And its a hold that will cause some kids to panic making it seem all the worse. A cautious official will be on top of it, monitoring the situation, and cautioning the wrestler to keep it legal.
It is a great pinning hold and one that my son used through high school with great success. I never saw a kid hurt with it.
