Not trying to pick a fight, but an originalist would say this initiative would not *necessarily* bring that into play. According to that legal philosophy, whatever the framers of that amendment meant by "person" is binding in its interpretation. And if they had a specific conception of personhood that did not include the unborn, this initiative wouldn't prevent abortion on 14th Amendment grounds.
On the other hand, they might have had a more "living" interpretation of personhood, leaving it to the people of each time to decide. I doubt that though.
My point is that, even if the initiaitive passes, it's not a slam dunk even by conservative legal philosophies.
I've never understood the legal implications of all that.