Obviously it's up to the owner what he does with his possessions, but I would say from the point of a retro bike community, doing something that unnecessarily destroys the authenticity of an old frame is regrettable.
From the point of view of an investment, the total cost of buying a frame with decent authentic paint plus getting it repainted and restickered far exceeds the value of what you end up with, so it's a bad investment.
From an aesthetic point of view, I have seen very few repainted Konas that looked anywhere near as good after respraying as they had done before.
And as for Konas repainted white, I know it's easy for me to say as the owner of an original pearlescent white 1995 Kilauea, but surely that's been over-done and there are too many white Konas now? Although admittedly most of them are so badly done, they do make my bike look good so I suppose I shouldn't complain.