If by some miracle King does win the nomination, then Livingstone would stand as an Independent again as in 2000. This time though Mayor Johnson would be re-elected easily with King and Livingstone fighting it out for 2nd place. Although the governing party traditionally does poorly in local elections, the Tories would be saved due to the rupture in the Labour party due to Livingstone going rogue.
Is that really a problem with the preference system though?
Yes, because of the fake IRV. If someone were to vote, say for the Green candidate and then for King, their vote wouldn't count in the event of a Johnson–Livingstone runoff.