Even if a bit late, I would like to bring my small contribution to this very interesting thread. In fact, as I already wrote in other threads, I consider that Premier drums - and not only vintage kits - are generally underrated.
Concerning vintage Premier kits, I have a small personal story,
and please forgive me if that story does not directly answer your original question. Around 1978 (yes, I am an old guy …), I had to replace for six or seven gigs a fellow drummer who sadly had an accident. Since in that same period I was also playing some gigs with my own group, my friend kindly offered me to use his Premier kit. Well, at that time I was playing a Slingerland set, and when I first saw his kit I was slightly disappointed by the esthetics: the kit was in perfect shape, but to me it looked awfully old! As far as I can remember, the first tom was an 8" x 12", and the second one was an 8" x 13” or maybe even 14"! The hardware was also quite old style: flat base stands, thin cymbal holders. But when I started playing it I found it was an awesome set! Much better than my Slingerland kit, which looked more modern and high end. The sound was powerful, precise, and the snare drum (eight lugs, apparently nothing fancy) was a real pleasure to play.
All that to state a very simple thing: Premier kits of that era were “old” from an esthetic point of view, and I am quite sure many players did not like them mainly because of their visual aspect. (I firmly believe most musicians choose their instrument more with their eyes than with their ears …). Compared to other high end kits of that era (Ludwig, Slingerland, Gretsch, Hayman), Premier kits seemed to be very old fashion, and in my opinion that was the main reason why they were not - and still are not - very much appreciated.
I personally think that this “esthetic problem” never was really resolved until very recent times (Signia, Genista, etc.), and it is a pity because Premier generally are great drums.
OK, enough said. Let me just post the link to an incredible performance were a beautiful Premier vintage snare shows all its beauty:
http://www.youtube.com/watch?v=TmAT8i1ne_g&feature=results_main&playnext=1&list=PL3B79E72B686A4602