Yes, if you are reporting the income on a schedule C.

Income is reported on a partnership return 1065. My client is one of partners.

Is the partnership income being reported BOTH on line 1 ordinary income AND self employment income of the K1?

Yes, reported as income subject to self-employment tax.

If client sets up a SIMPLE plan (before Oct 1) with his broker, does this get reported on the K-1, and where on 1040 as a deduction?

https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-simple-ira-plans

"If you are a sole proprietor or partner, however, you would deduct your own salary reduction contributions and your own matching or nonelective contributions on Form 1040, line 28."

You are doing this for 2022, right? And for all partners; not just this one partner.

It ends up on line 16 of the 1040, where it says "Self employed SEP, SIMPLE, and qualified plans."

You should enter it on the 1065 K-1 line 13R, "Pensions and IRAs." Additional Info, Code R, line 5, "SIMPLE."