I get why it's racist, and I wouldn't do it out of respect for the past. I also wouldn't buy a golliwog for the same reasons.
I found it strange that golliwogs were back in vogue a few years back.
However I think we are relatively sheltered from this issue here in Australia. Not withstanding the fact that our own indigenous people have their own issues, but we just don't 'get' the whole black/Martin Luther king/slavery issue.
In saying that however, I do think it's a bit sad that if I wanted to dress up like Michael Jackson or Beyoncé, someone would think I was being racist, when all I wanted to do was play fancy dress. But it is what it is, so I wouldn't ever think of doing it.