Well for one, it is patently unscriptural. Salvation is by grace, not of works. Our salvation does not depend on us, it is the gift of God. Ephesians 2:8 spells it out loud and clear.
Precisely.
I agree completely. And true saving faith will evidence itself by producing good works. (Ephesians 2:10 spells that out loud and clear.)
This isn't about salvation by faith vs. salvation by works. It is about the results of saving faith.
Is it possible to have saving faith and not become a new creation? I suppose the no-lordship position would say no to that as well, but they will unquestioningly accept a "new" creation that is an exact replica of the old.
Is it possible to be saved not acknowledge Jesus as Lord? If someone has faith in a Jesus who is not Lord, they have the wrong Jesus, one who is neither lord nor savior. We don't "make Jesus the lord of our lives." Jesus is Lord of everything, including our lives. We either trust him or we don't.