Why so complicated ?
just delete this folder (if the problem is iphoto)
it's recreated by iphoto ...
My Problem was:
Upgrade to 10.8 from 10.6
Update to 10.8.5 ink. iPhoto 9.4.3 and everything else
activated icloud fotostream
put in a SD Card to import some photos and crash....
i found your post,
deleted the folder:
actually clear out the complete folder:
no kernel panic anymore
opened iphoto... updated Library...
then reactivated fotostream
no crash since