If the soil tests for K were in optimal level, I wouldn't be concerned about skipping the K fertilizer. However, the OP said they were low to begin with.  I don't know what the definition of "low" is, and that would influence my decision-making.  However, without more detail information, I think there is value in putting some K on.  With regards to the soil P levels,  the OP didn't mention anything about P, and I am inclined to think there is more residual in the soil P level.  So skipping P for one year would not be an issue.

The other way to look at this is... the OP goes "bare bones" on expenses, realizes he may get a reduced yield in the process. And he is good with that.  And that may the approach he takes.  

That would not change the fact that he would be mining the soil.  People complain when the tenant farmer mines the soil. And her is an example of a landowner possibly mining his own soil.  I am just pointing out the fact.