The MP5K isn't the banned gun, it's the SP89 (which isn't an AOW). I've also heard a similar rumor that the days of "AOW != assault pistol" are now over. I am not really sure what to believe. Only way to know what the current opinion is is to call the MSP LD.I thought about doing that route with an MP5K last fall but I heard from a Maryland NFA dealer that MDSP wouldn't allow it to go through because they were calling it a copy-cat of the banned MP5K. Last I heard it was still going through the court system. I would check with an NFA gun shop on this before you start anything. Just FYI.
That said, you have one other option: use a reverse stretch pistol instead. These are not 100% parts compatible with the SP-89, and thus you should be safe doing an AOW with one. It'll be visually different, but that's about it.