I'm not really keen on that fan name (and what happens for the sequels?). If I was a normal person and browsing randomly in a shop, I wouldn't find it much less confusing than the Japanese title, especially since I wouldn't necessarily realise the misspelled word was "monster". And if I was an online fan who didn't pay much attention, I would just assume it was some obscure kiddy series I hadn't heard of rather than the famous Bakemonogatari.
Dual titles are ok so long as everyone uses them. The problem is when they don't get both titles advertised properly so I find out three years later that some unpopular series was translated and I never bought it before it went out of print.
It would be interesting to know the demographic split between impulse buyers (for whom a localised title might work) and existing fans (those that follow Japanese news and those who don't but remember the hype over the torrent years ago). The usual fan polls are worthless as they include plenty of people who won't buy whether it's called Bakemonogatari, Monstory, Ghostory or Arararagi's Sensational Adventures In The Land Of Cute Girls.
I've never been much of an impulse buyer so it's difficult to visualise.
R