To my understanding, the revoked list is a list of console IDs that every console gets when they connect to Live, and whenever they load a saved game or profile, they check if the console ID that signed the content is in the revoked list - and if it is, denies access to it. This implies that it's possible for content used by an offline revoked console will not work on an online console, even though the original console never knew it was revoked.
However, the strategy to making those saved games/profiles work implies this isn't true at all - the strategy I linked above seems to just remove some flags and resign the content. This means that content is only revoked if it is signed by a console that has been revoked - and a console must have been online to know it was revoked, so in this case, an offline console can theoretically never be revoked or banned.
Of course, the above two things are just my speculation based on my experience - my bet is that the latter is true. In other words, if you play a modded console offline, you don't have to worry about those saved games or profiles ever being corrupt on a different console.
Edit: Just as a side note, a revoked console can still install games to the hard drive - that seems to be only related to banned consoles.