I agree that the King Bill by itslef is DOA as you say. However, if the FairTax is able to be passed, the 16th amendment would be moot. I don't think that King is profering with any crazy notions that it will be passed on it's own merit. I think it is meant to compliment the FairTax Bill, which calls for the 16th's repeal, but does not have the authority to do it itself.
In the interest of fair disclosure, I don't think the FairTax has much of a chance. Any very radical change in how taxes are collected means there will be some BIG WINNERS and BIG LOSERS. The latter will scream bloody murder! It's why radical change is tough to get through Congress -- and if it's your ox that gets gored, you won't think that's a bad thing.