Some of my thoughts.......
I can find a few things to nitpick on the KC Japanese Jags...but most of them have been mentioned here already....so I'll lay that one to rest.
I really don't see the problem in making one as an anniversary piece of gear, especially since that's the guitar me and a lot of other Nirvana fans drooled over for ages. Yeah, it's not EVH's Frankenstrat or some other piece of gear know for it's town, 90% of what it's loved for is it's cool looks and charm via the dents, but obviously Kurt saw something enough in it to use it as his main on the 1991 tour and use it a ton on In Utero.
I actually would quite like to see one of these and take it for a test spin when they come out. I own a few guitars that are like this would be (Hondo Paul Dean and Jag-Stang come to mind), and I find that it really does not matter much who plays what on them. The Hondo was designed by Loverboy's guitarist, but I play Metallica and Led Zep on it more than I do Loverboy, and the Jag-Stang is used for darned near everything at open Jam Night from just random angry punk noodlings to full out shred madness.
I might pick one up if I can find one for the right price, it's been awhile since I added an offset to the collection.