Yes, but only if the 112th Congress actually takes it as more than a stunt. We'll spend the next two years finding out.
Instapundit points to someone named Chance Ballew who has a more useful exercise in governmental writing:
“Instead of reading the constitution, we should make congress read IRS regulations. That would keep them occupied for a few years.”
If you want to understand how far we've really drifted since the 16th Amendment passed, looking at the tax code would be a great place to start. I'd also suggest the tax code reading would be better if accompanied by a bongo drum.