It would be the first, so, Yes, Splurge, and embrace the cracklink! I love the head (only in green), but the limbs need work. Mabie use the joints from the 1st series of Exo-Force (you know, the ones I used for my Mumak). Also, fingers, toes, and possibly studless-ness would be great!
5/5 for the first lego Kermit I've seen. While you are at Bricklink, get some large curvy green pieces for a more rounded body, integrate the leg hinges with the torso, instead of simply bolting the legs to the sides. Fingers would be nice, I can't wait to see version 2. Keep building.
Bryan, tell me somthing... why are there so many songs about rainbows, and what's on the other side... AHHH the great debate. to cracklink, or not to cracklink? Do it, go on, you know you want to, everyone else is... In short, yes, I'd love to see it. Later Chris.