Modern papers are often designed to give very consistent results over a wide range of developing conditions, so developer controls don't often work as well as they may have in the past, but with some papers, like Efke Emaks, you've still got a lot of flexibility, and I wouldn't be surprised if Kentona was one of those papers. I wouldn't expect more than one grade in either direction with a two bath system, but if you need more contrast you can intensify the neg, and contrast masks are another option at another level of complexity.
Why use graded papers today? You might like the results, and you might not be able to get the same results with VC papers. One doesn't have to commit to either one absolutely. I usually prefer graded paper, but occasionally find something that works better with VC, either because it might need a split-contrast technique or I might need something outside the contrast range of the graded paper I'm using.