I'm going to weigh in on Chris and his offerings at Hawthorne Drum Shop. Please understand that this is only my opinion on what he sells and in no way attacking his good character.
I've seen the vast majority of items for sale by Chris, on eBay, for a very long time now and sometimes marvel at the collection of drums being offered. As I look closer, I usually see that almost everything offered has lots of cosmetic issues, such as scratches, scuffs, missing paint, worn areas, weathering, bent badges, separating wrap seams, rust, etc. Basically, everything is being offered on an "as-is" condition. That's fine, and I have no problem with that. My issue is that I've always maintained that, except in very rare cases, condition is everything and price needs to reflect this.
His pricing on MIJ kits is high, but so are many other MIJ drums I see listed on eBay, Reverb, CL, etc. As a business, and not an individual, I do understand why his prices are higher. I also see that most of what is being offered also has a "Make Offer" option. Since I've never purchased from Chris, I don't know how much leeway he offers.
Getting back to the OP's issue with price of the Stewart kit, based on rarity of finish, sure it's a rare finish, but there is also fading on the bass drum and other cosmetic and physical issues. I do read that most of these issues seem to be addressed in the description. Still, the bottom line is that the kit is still way over-priced for Buy It Now. The wrap should, at most, add maybe $75 more to the NORMAL price of a similar MIJ kit. Tack on an additional $25 if the bass drum hoops had the original matching inlay. I just don't think that this green sparkle inlay is original.
I will say that I agree with the OP's estimate of $400-$450, which is more than fair.
Finally, I wanted to state again that I've no doubt that Chris is a good guy and just trying to make a living selling some cool vintage drums. If I did see something he offered that I wanted, I would certainly have no issues with making an offer based on my years of experience with fair value. The worst he could do is reject the offer!
Well, thanks for starting this thread and letting me vent on current MIJ and USA prices, which have really skyrocketed recently...and the biggest issue as to why I've stopped collecting!
-Mark