In the new-user-approve.php you can edit the plugin to work as you want. I have just commented out the $newpass line, to fix the password reset. Like this:
if ( ! $bypass_password_reset ) {
// reset password to know what to send the user
//$new_pass = wp_generate_password();
Remember that you also should edit the email that is sent to the user. You do that here:
// format the message
$message = sprintf( __( 'You have been approved to access %s', $this->plugin_id ), get_option( 'blogname' ) ) . "\r\n";
$message .= sprintf( __( 'Username: %s', $this->plugin_id ), $user_login ) . "\r\n";
if ( ! $bypass_password_reset ) {
$message .= sprintf( __( 'Password: %s', $this->plugin_id ), $new_pass ) . "\r\n";
Enjoy!