Hmmmm.... but I could "retool" a coke bottle for m4/3rds and I'm not sure it'd deserve any more interest ;-)
To the seller's credit, they're being perfectly honest about the abyssimal quality, so bravo to them for that.
I have one of those Kobalux lenses - a 28mm in leica screw mount. Not a bad lens, really. I'll try & take some shots with it mounted on the E-P1 during the course of the "Picture A Day" adventure... they crop up on eBay often enough. They also made a 21mm version, which tends to sell for quite a bit more.The maker is now part of Samyang, but previously made the "Kobalux" brand LTM lenses.