Close, but not exactly. I vote for RULE A, which means I vote to pass the Senate bill. But you get the basic idea. I see nothing in the Constitution that prevents this.
(1) a bill containing its exact text was approved by a majority of the Members of the House of Representatives; (2) the Senate approved precisely the same text; and (3) that text was signed into law by the President. The Constitution explicitly requires that each of those three steps be taken before a bill may become a law. Art. I, Section 7.
If one paragraph of that text had been omitted at any one of those three stages, Public Law 10533 would not have been validly enacted. [Emphasis added] If the Line Item Veto Act were valid, it would authorize the President to create a different law - one whose text was not voted on by either House of Congress or presented to the President for signature.
Something that might be known as Public Law 10533 as modified by the President may or may not be desirable, but it is surely not a document that may become a law pursuant to the procedures designed by the Framers of Article I, Section 7, of the Constitution.
There. A direct ruling on procedure. Right there.