We should go on performance...
However, depending on the price you pay, you expect more of both.
I always want performance over looks (Unless i'm buying to turn a profit on ebay).
I would have said Grade 2/3 for the initial bat - Heartwood being the issue for JSW - However, I have seen SS Ton LEs come out with heartwood on the edge and given a Grade 1 because of desirability and performance of that aspect.
Lets be honest, buying a bat is like choosing a girlfriend/getting married - Over time, looks fade and there are more important factors that we need to be successful... HOWEVER, NONE of us wants to be stuck with a total minger!