I think its a good comparison - bringing the fable into reality or vice versa.
MJ actually IS the witch in the collective unconscious, the spectral child molesting deviant freak recluse. The fact that he is simultaneously the witch and celeb/popstar makes him a prime example of the way in which mythological narratives are constantly inverted, exploited, and sold. I suppose all this is self evident, but sometimes it's helpful to make such things explicit.
I don't like the piece aesthetically nor is it a new exploration of the above, but it's not entirely without merit.