First off, no, I don't think it's racist. I'd just do my research and try to get the look as close to a real kabuki mask as you can. Then again, fashion is all about making risky stylistic choices…
Also, I'm going to have to agree with Valthazar, at least to a certain extent. I've lived in Japan and worked with two separate groups that helped teach about Japanese culture, and when we had a party and I wore a yukata (summer kimono made of cotton), I essentially got accused of being racist because I was white and it wasn't my culture. Despite my speaking the language. Despite my having lived there for years. I hit a point where I practically had both middle fingers up, and figured that there wasn't even any point in being interested in other cultures or letting it influence what I did since no matter how I looked at things, or talked about things, I was apparently going to offend someone.
Eventually I realized that you just can't make everyone happy; all you can do is try to appease the reasonable majority.
Also. I do have to ask, in regards to the Victoria's Secret geisha outfit - how is that 'racist'? How does that put down an entire race? I mean, the French Maid costume doesn't put down French people…or maids. Sometimes I think that people complain just for the sake of complaining, honestly. :/ I think some things really do need to be addressed, but this over-sensitivity is actually harmful, imho, since people just stop discussing different cultures, period, out of fear of their being labeled racist.
Then again, that's just me. No scientific information to support it, just my own personal experiences.