Got a roof over your head? Hungry? You do what you gotta. I think the real sell-outs are the ones who find a formula & then use it to death. And really- what's a sell out? Look at art history, all the major players, especially in the Renaissance, had sponsors. The art was amazing, but it was done for & at the command of the family's keeping you alive & supplied with what you needed.
I don't mind about sellout artists when it comes to the need of money, artists need to be able to live too. If it's someone just suddently drawing tits or something in desperation for getting attention, that wouldn't be good in my opinion (unless the artist likes drawing those things then it's okay).
That depends entirely upon what exactly you mean by 'selling out'. Whilst the definition of the word doesn't change, people apply it to different levels of artistic compromise.
No it's not ok to be a sell out artist. The only way you could be a sell out is to do art that totally goes against your morals or ethics. Now it is ok to do what other people consider selling out as long as you're true to yourself. You're not responsible to other people's definition of selling out, only your own.
Who are you asking if something is OK? How important is recognition TO YOU? You don't need anyone's permission to be a sellout. It's your life, you do what you want.
To me, "recognition" is not something that validates selling out. If people are hiring me for illustration work, I'll draw what they want unless it seriously clashes with my personal values and morals. Fluffy bunnies and unicorns? Hell yeah. Fetish pin ups? No problem. Kiddie porn or pro-life stuff? No way. But when I'm drawing for myself, I'm drawing what I want.