For me, the pirate leg was the only good thing about this toy.
It was unique idea that has never been done before in the history of Transformers (Longtooth should have had one), and they designed it in a way that you don't have to have the peg-leg (like I've done with the Leo Prime redeco).
I'm guessing the peg-leg is canon (in the Exodus/Exiles story), and if so, then I would have been disappointed if the toy didn't have one.