I haven't seen this mentioned outside of message boards, but while the list of cartoons for Looney Tunes Collection Vol. 5 hasn't been released yet, it appears that "Coal Black" and other Censored 11 cartoons will not be included on this set.
Will "Coal Black" ever be released? I wish I could be confident of that. Remember, Turner wouldn't release it (or "Tin Pan Alley Cats" or the rest) when they were doing the Looney Tunes laserdisc sets, back before the Turner-WB merger. And Turner, which didn't own the characters, had less incentive to be protective of them than WB, which has transformed not only the characters but the whole "Looney Tunes" brand into a corporate symbol. The much-derided presence of Whoopi Goldberg on Vol. 3 -- which had hardly any cartoons with racial gags anyway -- was part of the fear that one little mis-step with the DVD sets could hurt an already fragile franchise.
I'm not sure how to get around that, because in all honesty, if "Coal Black" were released and a controversy erupted, that probably would be bad for the marketing/franchising of WB cartoons. I don't think the controversy over "Bugs Bunny Nips the Nips" did Turner any favors back in the '90s (Turner released it on a laserdisc but then, foolishly, released it on a mass-market VHS as well, and people who bought this thing for their kids were understandably outraged). To get a release, someone would probably have to convince WB executives that there won't be any controversy, and I'm not sure that anyone can guarantee that. "Coal Black" is a great cartoon, but I've seen the reactions to it of people who are not cartoon buffs, and it does make many people very uncomfortable and, yes, even angry.
I'm not defending WB"s corporate policy here. (And as for the WB home video department, they do some great work and release some great films, but they also spend too parsimoniously on special features for classic films, and they've got some quality control issues they still haven't completely resolved.) There's a right decision, and a wrong decision, and the right decision would be to release the cartoon. But the wrong decision -- not to release it -- is based on some legitimate concerns. Still wrong, though.