No. I don't like either. I don't think it would be a big deal. It might look funny, but it's a hologram of Reagan. If you have to be careful of property rights when you are parodying someone, or creating a group to discuss, critique, or celebrate someone, then you limit the discussions around that persona. There will be less of them, and they will be less dynamic. You can't dress like a Nazi with a mask of a politician's likeness in protest? There would be no OBEY.So, if you took the monetization out of it but the family or estate owner still had the right to deny use of image/likeness you'd be okay with that. It's the money that bothers you?
What if the DNC used a hologram of Reagan saying "I hate Romney, he's a dirty, secretive thief and I think you should vote for Obama".
Please expand on what you mean by "cooling effect on expression".