I am originally from Kokomo, but now live in Indy. I can honestly say that any of the county schools will provide your child/children with a great education, especially Northwestern, Eastern and Western.
I am also a former substitute teacher for Kokomo Center Schools... And I can honestly say that it does have some wonderful elementary/middle schools. I know little about the high school, as I mostly worked with middle schoolers. However, I do know that, like any other "inner city" school, Kokomo does encounter some of the more typical urban issues that many schools face.
Graduation Rates for 2007:
Kokomo: 77.4%
Western: 87.7%
Northwestern: 90.6%
Eastern: 94.2%
These statistics can be found on Indiana's Department of Ed's website.
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Hope that helps!