For those unaware, patk /matk is only a deciding factor if/when you can get it over 1/5 of enemy defense. So 15k patk vs 40k patk vs 60k vs 100kpatk all hit for the same dmg vs an enemy with 700k pdef. With that said.....
I don't think k/m would suffer in terms of aggro at all. I tank pillars of morfan hard mode on a k/w with 50 or 60k patk using dmg food --- this patk is so low for recent content that a magically statted k/m would hit the same as my k/w if not for the k/w passive wep dmg bonus. Remembering that there are 2 magic attack buffs, pluss the p/r fairy, that can augment k/m matk, it should be able to get well over 100k. K/m gets holy light domain plus the bonus dmg on white hits to counter for that, so I don't believe it would struggle in aggro at all, provided you have a moderate amount of magical attack, and even with low matk the dmg increase from intensification might make up for that anyways. And the whirlwind shield elite skill ensures that a magical statted k/m can still use Whirlwind Shield to generate aggro. The only thing k/m truly loses from going magical is the dmg from Truth Shield Bash, which is the knight's highest aggro skill (since it does more dmg then WWS and has the same aggro multiplier when holy power explosion is on).
A physically statted k/m might be a bit different. Holy Light Domain and the Light Energy Weapon make less of a difference here, and you don't get the physical crit rate (from quick reflexes on k/w) or patk (from warrior general berserk) that a k/w can during burn phase. But again, I tank with such low patk on my k/w that I don't even use berserk, since the additional patk still doesn't gain me enough attack power to make a difference. So the main question here would simply be, can the super low magic dmg make up for the 38% passive dmg bonus that k/w gets...Which I think is no.
And ofc, you no longer have a tank that has Authorotative Deterrence, one of the strongest skills in game for killing bosses quickly, unless you have 2 tanks...which seems kind of silly to me, unless one is able to do high damage while taking hits.