Let's see what Michael says. However, I must tell you that there have been a few KMV offered for sale on Ebay recently. The sellers seemed to be rather unfamiliar with the camera, or disingenuous in that they seemed to be reluctant to report about the real condition of the camera. In some cases the sellers stated that lens boards were easily available for $12-which tells you something about the sellers. In other instances the seller failed to extend the bellows to look for light leaks. In another sale the seller noted that small pin holes in the original bellows were not an issue and could be addressed by simply throwing the dark cloth over the bellows before removing the dark slide. Hence I wonder if you were notified in the listing about the issue that you bring to our attention. I suspect not-either intentionally or from ignorance-or both.
It's funny how many sellers state that their KMV for sale is "mint with the original bellows"....probably without fully understanding how the camera really "works". It would be hard to imagine the seller of your camera NOT seeing the same issue that you have identified.
If Michael states that the issue is more difficult to address then I would consider returning the camera. At least consider informing the seller about the issue immediately so that the seller cannot claim that you failed to tell him/her of any issues. I would hope that the issue can be dealt with for the KMV is a wonderful camera to use in the field. Hardly pretty to look at, but quick and easy to set up and take down, and the camaera has more then enough bellows draw and movements. As others have stated, original bellows will almost certainly ahve to be replaced and there are other small issues to deal with. Hopefully your issue will be readily solved....indeed, your plan seems quite reasonable. However, don't attempt anything until you have notified the seller!!
Please keep us informed.