If there is demand for the pipeline and it can be built and maintained entirely without taxpayer funding, sure. The oil market is global. If we don't take the oil, someone else will and it will lower the global price anyway. It is probably impossible to build and maintain such a system which is entirely without spills.
The environment is not "destroyed" by spills anyway. Before we began pulling oil out of the ground, it was released naturally into the environment. Sure, a big spill makes for a huge mess and it's temporarily destructive, but nature recovers. We humans are incapable of permanently rendering even a small area lifeless. If you actually think any oil company WANTS to damage the environment, you're crazy. A damaged environment is a corporate liability, not an asset.
Terrorists will attack what soft targets they can. That is the nature of their tactics. While dramatic, an attack on an oil pipeline would result in a shutdown, cleanup and repair of the damaged section. Since people don't live nearby usually, there would be few if any deaths and we would tap the strategic oil reserve to ensure supply if necessary during the repairs.