I'm not against responsible wildlife management, obviously. And if this were being done in a way that the money really did go to conservation, as distasteful as I personally find trophy hunting I suppose it would be a useful way to subsidize responsible management.
In practice, though, I would still be very wary of an arrangement like this. Corruption is endemic across Africa, and a program of careful and limited 'culling' could easily turn into an opportunity for corrupt officials line their pockets with the money of rich but unethical hunters, at the expense of 'trophy' animals. I guess what I'm saying is I'm on the fence on this one.