No, the "it was good enough for Paul" bit is a joke...but a joke with a point, meaning they believe it to be most true to the text (speaking about the KJVOers, as that is who the "joke" is intended toward and used by).
I'm not KJVO, I'm KJV/Geneva/ESV preferred (and I like my ESV mostly because of the study notes

) I cannot stand the NIV or the others that come after it's sort (the Translation, the Message) and cannot even follow along with any pastor that uses it.
The KJV might be considered 12th grade reading now...but it used to be considered 8th grade reading...and I thrived on it from an early age, from the time I learned to read.
I DO have a question though and would love to hear an answer:
My understanding is that the KJV/Geneva came from the Coptic/Byzantine texts, whereas the ESV/NASB/etc comes from the Alexandrian/Egyptian texts. I understand that these two groups are different, one more wordy, and after their own traditions. The KJVOers argument is against the Alexandrian texts due to corruption within the Alexandrian church (and we know that there were heresies spread throughout varies parts of the church, such as gnosticism, judaizing, etc and those mentioned in the NT). Could someone speak to this issue? What were the issues in the Alexandrian church and did/how did they affect the texts?