From what I understand legally you can instructor since it doesn't count towards 117. However most will advise to focus mainly on completing CBTs and studying for training. I asked the chief in orientation as well and he advised against it. As for our official policy I'm not sure. I'm sure there's some SOP that says no outside work but not sure. So really up to you, but maybe don't advertise it if you do.
I should clarify this applies to instructing. Part 91k or 91 ops for a 121 carrier still count towards 117 limitations.