I agree with this, I think that Paon has ironed out some of the overall proportion designs, but lacks the fine details. Essentially, the Paon body works better as part of the Mario-verse, while the Rare has the details that make him truly unique, combining the two creates the superior K.Rool design. Unlike Link, Zelda, King Dedede, and Ridley who have had a gradual period of redesign and change, our king had the primary change from 2D to 3D with no real intermediary steps. Smash has to represent both the past and the future, and take advantage of both. So if we're talking out of existing designs, K.Rool's Paon body, with a more pronounced eye, and the armor you've got the right mix of detail and simplicity, and the armor is a better contrast to DK, both wear simple outfits, but K.Rool's has extra flair.
Though, there is a third possibility we aren't considering. When Sakurai decides on a character he refers to either the creator or the current person behind the direction of the series. So either they go to the Rare guy who created the original design, confers with Paon/Namco, or goes to Retro who have the current control of the franchise. Depending on who is decided it is possible Sakurai may consult with them for the design, and if it is Retro, and they are bringing our King back, his design could be his new comeback design which is different from what we all expect while homaging the previous designs
Also something it seems like everyone is overlooking when it comes to the ballot is that at least one of the picks will be from an unrepresented franchise, and that'll be the wildcard, because I think for every repped franchise that gets a newcomer from the ballot, an unrepped franchise will be picked, and that's where things become unclear