According to Elliot S! Maggin's "The Ghost of Superman-Future" script for "Lois & Clark", Wayne King is the Governor of New Hampshire.
See midway down the page at:
https://www.supermanthroughtheages.com/esm/lnc/I suppose he was just reusing this name for the "Lois & Clark" script, though.
On OUR "Earth-Prime", Wayne King was a composer/band leader. See:
http://en.wikipedia.org/wiki/Wayne_KingOne of Wayne King's big hits was his orchestra's 1931 recording of
"Dream a Little Dream of Me", which seems to fit in with the general theme of this comic story. I highly suspect THIS is the reason why Maggin inserted the name reference.