by Spud1950 » Mon Mar 04, 2013 7:34 pm
The adjustable neck angle feature is indeed a factory item. This site about Kay history explains how it came about to be featured on certain Kay models.
As to the Aloha decal, the Aloha Publishing and Musical Instrument Company of Chicago was an outfit in Chicago that operated music lesson schools all around the country,published and sold sheet music, and offered a line of instruments with their name on them actually made for them by Kay, Harmony, and other makers. They were very active during the Hawaiin music craze of the 20s and 30s. Yours looks to me to be somewhere of the 1930s.