Absolutely, every iteration of the term k-hole is making reference to that ketamine state. And now there's a drug we haven't heard about in a while.
Remember the band Placebo? They had a lyric: "No hesitation No delay You come on just like Special K"
That sounds scary as fuck.
Now, I think the k-hole refers to a bad trip, where you just disappear into a ketamine-induced void for two or three eternities.
Yeah, no thanks, I ain't touching that with somebody else's hundred-foot pole. Same goes for stuff like Jimson Weed, Salvia Divinorum and Amanita Muscaria mushrooms.