I love having a man coverage SS at Bandit and used Kingsley there for years at LSU and he played it this season for Houston.
I think it provides a lot of defensive flexibility to have a SS playing in the box as an extra LB that has the speed to cover WRs and the strength to cover a big TE. I also think it is underrated as a run stopping option against faster backs when used like a 3-3-5 rotationally under a 3-4 base where you lose a little size in your front seven and replace it with more lateral speed in the linebacker position.
However I don't think the Bandit position fits all teams. First, if you are just specifying a LB to play Bandit I think you are better off leaving the LBs in their natural positions. Second, if your base defense is a zone scheme (specifically LB coverage) I wouldn't bother having a Bandit. If you are zone you don't get the speed benefits of having a SS playing in the box in coverage, and instead are only improving your lateral pursuit which doesn't outweigh other potential losses.