I don't think so. Previously it had been a crime to translate the Bible, unless by authorization of the CoE. King James "authorized" it, saying in effect that a Bible translated within certain guidelines would not be prosecuted. King James was not a Biblical scholar. He knew what the issues were having to do with the older translations that existed, and tried to reconcile the questions raised. This is from Wikipedia:
http://en.wikipedia.org/wiki/King_James_Bible#The_Project
King James' instructions included requirements that:
- The ordinary Bible, read in the church, commonly called the Bishops' Bible, to be followed, and as little altered as the original will permit....
- The old ecclesiastical words to be kept; as the word church, not to be translated congregation, &c.
- When any word hath divers significations, that to be kept which has been most commonly used by the most eminent fathers, being agreeable to the propriety of the place, and the analogy of the faith....
- No marginal notes at all to be affixed, but only for the explanation of the Hebrew or Greek words, which cannot, without some circumlocution, so briefly and fitly be expressed in the text.
- Such quotations of places to be marginally set down, as shall serve for the fit references of one scripture to another....
- These translations to be used when they agree better with the text than the Bishops' Bible, viz. Tyndale's, Coverdale's, Matthew Bible, Whitchurch, Geneva.
So take these as KJ's terms under which an English Bible translation would not be prosecuted.
I have read a better article that went into much more detail than this Wikipedia one, but can't find it now. But once the scholars were assembled I don't think KJ had oversight, no. Nor did he fund it. The scholars were required to support themselves during the project. Those that needed it had help from the colleges (Oxford, Cambridge).
In the interests of full disclosure I should say that although I do go to a church which uses the King James version pretty much exclusively, I wouldn't say I thought it was the only worthwhile translation. There are other good ones, but maybe none lately. Other good Bible translations are just not as widely available today, though. Personally I don't really think there is anything special about the KJV. I don't think a translation is "inspired." I have toyed with that notion, but finally rejected it. If someone wants to try to persuade me, go right ahead. I am listening.