Matt,
Have you seen the bust that was released this year (or last year, I'm not sure)? It features Jim and a bunch of muppets surrounding him. I can't for the life of me remember what the company was who made it, but it was a pretty neat little thing. They also had done a David Bowie and Goblin figure from Lab.
I really don't see how it could be crass. I know that it had been nicked for the main line, but as a muppetfest exclusive I don't see why it couldn't fly. Everyone is familar with the Jim puppet, and I think it would be a nice little "wink, wink, nudge" tribute to the man we all adore. I think Palisades should hit the JHC on it again. Even if the end product cost double what a normal figure does, most everyone would pick up at least one of these figures. And from what I heard about the prices for the stuff for sale last year, that would be a bargin.