Some of the Kays were actually well made. They weren't all nasty cheap things sold at Woolworths. Even if it was a poorly made guitar in the first place, it could have been owned by someone who renovated it. I don't know guitars as well as basses, but looking at it, it looks like one of the better ones to me.
I wonder if it has single coil pickups made to look like humbuckers.
Interesting thread here: http://www.thegearpage.net/boa...wthread.php?t=660648
There is some really unusual looking instruments if I google on Kay Les Paul. But, there seems to be some family resemblence between Neil's guitar and a 1960s Kay Value Leader guitar.
(For some reason, I can't seem to insert the image as an image).