(Sorry for updating so often!)
ErrorCleanse is a mod which replaces the error model with a dynamic model.

Video: http://www.youtube.com/watch?v=H0Fw4yVOmXE
Thread: http://www.facepunch.com/threads/1149102
Album #1: http://imgur.com/a/9rchm
Album #2 (Older): http://imgur.com/a/IWDlL

Console Commands:
• ErrorCleanse_KeepColor (0/1) | Should the replacement retain applied colors?
• ErrorCleanse_KeepTexture (0/1) | Should the replacement retain applied materials?
• ErrorCleanse_DrawNoBounds (0/1) | If the entity has no bounds, should it draw at all?
• ErrorCleanse_ReplaceMissingMat | A test for replacing purple & black material (Experimental)
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Note: This will only work in multiplayer, and it cannot replace prop_static.