Is unfinalized information in graduate application considered "misleading content"?
It is pretty unlikely that anyone would consider it improper. Things change. If your information is accurate when you submit it that is all you can do. It is what it is. 

But you might get questions on why you dropped the course(s). Be sure you have an honest and accurate answer for that. 

And if things change while you have an open application, just update the institution when you know the new situation.