No, it's not as wrong as the idea of him going to the Vikings, a move to the Jets, which now looks quite possible, doesn't make much more sense.
True, they need a QB, and true, it makes as much sense as any NFC team. But Favre is distinctly not a New York guy. Peter King's idea that Favre would be just as happy hanging out on his ranch in Mississippi sort of takes a hit when we find out Favre is going to be at the Meadowlands for at least a year. The sound you hear is Fox and NBC execs scrambling to move both Patriots-Jets games to prime time.
As for the other legend rumored to be heading to New York? Barry Bonds to the Yankees makes the most sense of possibly any transaction ever.