No it really would do nothing of the sort. In fact, that would be the establishment equivalent of the bell-ends Uncle Spielberg was talking about earlier.
It would highlight how stupid the honours system is though. That a bloke be stripped of an honour for saying something a bit stupid, while...
I have a problem with anyone in the public eye making these sorts of racist jokes. This one is probably not particularly offensive, but it's not funny either or a decent thing to say, so why bother? And when that person comes from a minority group himself, you have to say he really should know...