The words aren't offensive, but the output sentences might be, so why risk it?
I appreciate the reference to the PGP word list, I didn't know about it.
One thing MadHash adds is a bit of structure in the form of <adjective> <noun> <adverb> <verb> <adjective> <noun> which should help make the phrases more memorable.
Also, each sentence covers 64 bits, whereas the PGP word list covers just 2 bits per word.