I just built a team utilizing Earth Power, Sludge Wave, Ice Beam, Stealth Rock Nidoking. While certainly not overwhelming, it is a somewhat reliable user of Stealth Rock. The team was performing well and I did get SR up most matches, but many times sacrificing enough of Nidoking's health that it became impossible to safely switch it in later. It certainly could be used on an offensive team to get hazards down without losing momentum, though I wonder what advantage it really provides over using Azelf's Stealth Rock, which is faster and therefore more reliable, or Rhyperior's Stealth Rock, which is guaranteed if it comes in on certain pokemon. All in all, I'd recommend sticking to 4 attacks on Nidoking to just slaughter everything. And personally, I find Thunderbolt to be the best 4th option, with Fire and Fighting moves so easy to add to the team elsewhere, though of course you could run a Raikou/Shaymin/etc and leave out Thunderbolt.
I think that last slot truly should be a 2 slasher between Fire Blast and Thunderbolt for Bronzong or Bulky Waters, with Focus Blast listed as a surprise OO, since Nidoking should not need to run Focus Blast to defeat Snorlax and Umbreon in a tier with too many fighting types to count.