The basic assertion of the statement that the name James was used to honor King James is that the KJB was the first bible to use that name.
I decided to see if this was true. There were several english Bibles prior to the King James Version. From http://bible-researcher.com I was able to obtain sources for the older bibles.
I conducted a search on the James on several bibles that existed prior to the King James. I found that Below are links to the results. (Note: some translations use the spelling Iames, pronounced James)