WARNING LONG AND RAMBLY ALSO UPDATED WITH A FEW NEW PARAGRAPHS TOWARDS THE MIDDLE so if you read it before seeing this warning you might want to skim down to revisit my new thoughts lol, sorry I thought of stuff to add.
You are perhaps the only studio in the world (besides my best friend who is also a VN dev) who I'd ever even consider backing on kickstarter, I just don't trust it at all. That said, while I loved Heaven's Grave (and left a steam review detailing why so I won't ramble on here.), I really was honestly planning on skipping playing BFF (the first of your studio's commercial games I wasn't planning on playing at all actually, I haven't done homecoming either for what will soon become obvious momentarily) precisely because of what you detailed here, it's a school setting and I'm 23 years old so I don't really play those kinds of games any more.
If you do decide to kickstart it then I would probably get a lower tier just because I want to support you (I've LOVED DDBS TROS HG and so desperately can't wait to see what other ideas you come up with), that said, I think you're right to be cautious. Idk, I guess overall I'm saying that I personally don't think school range otomes have as much clout with the general demographic who can afford to back in the first place.
As for rewards... Well. Nothing really jumps out at me, like I said I've only backed my friend before and if I back you it will still be more out of just wanting to support rather than any particular reward. Also I have a specific budget so you unfortunately wouldn't be able to tempt me into a higher tier at this time.
That said, KS is like the other reviewer said free advertising, and a way to guage interest without putting everything on the line, I'm surprised you've never done it before and still been so successful!
Also I'm gonna be honest, I don't remember how the heck I found you and that may be an contributing factor as to why you're not getting so much attention. I don't think I ever see you on tumblr (except the rare release post) or twitter and idk, I wonder if you're not getting as much of a following as you could be if you utilized those tools and did more advertising. Sorry if that was totally unsolicited, I may not even know what I'm talking about, maybe I'm following old accounts or something but I figured I'd throw it out there...
SORRY I DON'T KNOW IF THAT MADE ANY SENSE OR ANYTHING but those are just my thoughts. I really hope HG turns around, it might possibly be my favorite one to date even considering the fact that TROS had two advantages over it a: royal court setting and b: childhood friend LI, it was just that good. I just feel like you can really see your improvement as you've gotten more comfortable with the VN scene. Especially in pacing.
Whatever you decide, know that I 100% support doing what's best for you, you've given us some great games already and it's important you take care of yourself.