User Registration Approval with BuddyPress

>>>Is there an option or function we can enable in your plug-in to disable auto-registration and simply pass user data into BuddyPress?
Do you want to disable new-user registration via social login? You can do this by checking the Disable user registration via Social Login checkbox in the Basic Configuration section at the plugin configuration page in the admin area. After this, new users will not be able to register at your site via social login. Already registered users will still be able to login to your site.
Let me know if I misunderstood.

We do want users to be able to register via LinkedIn but require approval in BuddyPress.

There is no such feature in this plugin. You can use New User Approve plugin with it though. Then a new user will not be able to login to your site until you approve it.