I have no problem with purebred Labradors that point, either naturally or as a taught behavior. Reinforce flash/hesitation points by mating two purebred Labs? Fine by me.
I see no reason why such dogs would not retain their innate retriever capabilities, so I see no loss of "traditional lab" breeding. Yes, Labs are thought of as flushers but if they work close and flush or work close and point I'd think most actual hunters would be happy either way. Flushing doesn't apply to an AKC retriever trial or hunt test anyway.
Where I personally draw my line is when outcrossing to a pointing breed is used to "reinforce" pointing behavior. When pointing Labs first became all the rage and they created the American Pointing Labrador Association then the dollars showed up. When there was fast money to be made, there were outcrosses. A LabraShorthair? No thanks, I'll pass.
You could see it in the heads, tails and general stature of the outcrossed dogs. A pointer head or a whip tail on a Lab is easy to recognize. Eventually it's possible to breed the Lab look back into that outcross and keep some pointing instinct I guess. I read somewhere long ago that after 8 generations after the outcross, the phenotype (looks) are pretty much back to normal.