I think it looks great and as a bit of fun for someone prepared to go to the trouble, then I guess its all good. The new monacos are lovely watches and I think lend themselves very well to this kind of retro-customisation. What is interesting to me though is how we all view this.....if we'd seen it on Ebay rather than on C11, would we all be up in arms calling it a Franken or worse? If the current owner moves it on, and its moved on again after that and the original purpose of it is lost, doesnt it just become another fake watch using some original parts (or in this case a watch), but trying to pass it off as something it is not.
Of course, much of this is down to intent - if a seller explains what he/she is selling, I guess there is no problem, but how many times have we been appalled at the treatment a watch has had, often well intended and then sold as an original.
So, a bit of fun, looks good to these eyes and I'd love to see a pvd re-ed - but I don't feel 100% comfortable with the concept of 'customisation' beyond changing the strap.