If I wanted to create an alternative to YouTube with a conservative bent what are the chances Cloudflare will wake up one morning and shut me down? What if the content is just generally in "bad taste" and not overtly Neo-Nazi, will CF feel the need to play "Content Cop" or are they willing to abide by their role as utility?
It depends on the mood of their CEO.
There is a huge gap between “conservative bent” and those trying to actively incite violence in the name of Hitler. And that they’ve only removed ONE such site across all their hosted properties is hardly an indication that their CEO is randomly moody. A single data point is not a trend.