If this is just a ploy to get Hunter some leverage to negotiate over the next month or so, to get the owners to at least meet them in the middle, if not more, then I think it makes sense.
However, if this is a legitimate attempt to decertify, and if they are really trying to take away Hunters ability to negotiate any further, this could be disastrous.
Not only could it blow up the season, but I also think it could really backfire in their faces. Even if they can get the 120 signatures to hold a vote, I have a lot of doubts that they can get the 200+ votes to decertify, which essentially guarantees no season (or paycheck), and a lot of questions about whether they could even pull it back together before next year. I think there are a ton of players who would vote to take what the NBA is offering, so they can get back on the court, and start making money again.
The timing on this is the most peculiar though, if it is for real. I think it would have made sense in July, in the hopes of saving this season. And it would have a lot more support after this season is cancelled. But right now, they are kind of in no-mans land, which makes me think it really is just a ploy for leverage.