I'm guessing here, but if your forum allows HTML in posts and enough characters in the signature, I don't see why it wouldn't work. Allowing HTML does open up some doors for problems, though, which is why a lot of forums don't allow it.
Not sure how you'd allow it only for admins, that would depend on the board you're using, I'd imagine. I also think you can't have more than one publisher ID on a page, so if you give more than one person admin status and all do the AdSense signatures, I can see a potential problem there.
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