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Let me play devil's advocate.

The purpose is for them not to meddle (eek!) but to be more informed, (give better suggestions, know how close you are to a milestone, have less meeting)

For the team, itll be a good motivational tool and reinforcement mechanism.

ITs a bad idea if you have a bad investor, good idea if you have a good investor.

---end of devil advocation (?)

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It still seem unnecessary. I have a hard time believing that most investors would want to even spend the time to go through a bug/task list since most of those won't need suggestions. You shouldn't need to be told which bugs are important and how to implement them! On the flip side I don't see anything wrong with a high level overview of maybe the milestone objectives if they ask. But every single little bug and task if over the top.

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