Oh, I betcha it could be sold.
There'd definitely need to be a catchy category for it, something like "Ultra-Premium-Uber-Photo-Grade" -- and if the defects weren't discovered until after the silver was sloshed onto it, well, a wee bit of fixer and a trip through the wash/dry/rotary-drier cycle and it'll be good as new. Or better, if you've got a good enough corps of admen!
"Photoxica Magnifico Inkjet Paper! Made on the exact same machinery, using the same materials as the world-famous Photoxica Magnifico Museum-Grade Photograpic Silver Art Museum Paper! And only twice as expensive!"
Paging Willie Loman... please pick up your sales kit at the smokin' hot courtesy phone!