I felt the same dilemma long ago when I didn't even have a Graflex in possession. When I consulted the members here at the time, I had gotten one response that I feel is fully logical and consolatory at the same time. The person pointed out that these units--albeit vintage and somewhat rare--are only valued due to their involvement with the Star Wars franchise, which necessitates that it represents a lightsaber hilt and not a camera flashgun. Also taken into account the fact that these units are still fully functional as a flashgun even with the hole drilled addressed the question for me once and for all. Only under display considerations for the purpose of showing the item in its original condition would it ever be a relevant question, in my opinion.
The next question that I tackled with (and still tackling now) is what holes to drill, since these units serve for both the ANH and ESB models, and once the bottom is drilled, it's permanently modified to hold either of the two D-rings and I prefer drilling holes in such a way that the bottom can hold either D-rings at a time without showing any significant signs of dual accommodation. Though I haven't done anything physical yet, I currently theorize that carefully drilling the ANH hole at an acute angle to the ESB holes would make it such that the ANH ring would cover the ESB hole closer to the center of the bottom and only exposing the hole closer to the rim. But if I had to choose one, I'd go with the ANH setup for two reasons: first, that it is the original detailing of the lightsaber that may have carried over to one or more of the other heroes/stunts involved in ESB/ROTJ, making the Kobold ring merely a detail variant, and secondly, that having the belt ring closer to the middle of the bottom holds the hilt more snug against your person, thus minimizing swinging of the saber when you walk with it, which I've seen at a convention is quite ridiculous.
One last thing I've been trying to figure out is whether to use a rivet or a button head screw which requires a locking nut on the inside of the bottom. Obviously, the rivet is easier to install, but harder if you ever want to take it out. On the other hand, inserting a locking nut inside with the battery spring present probably isn't going to be an easy task either. I'm fully open to suggestions on this point...
