He is right, you know ? The Necrohol is swarming with Baknamy and the Nabreus deadlands has a ton of undead skeletons. Fighting 5-6 of them at the same time is as hard as defeating King Bomb, I'd say.
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when the bomb is down to 2/3 hp, berserk him and your best fighter. Then make sure cura(or Curaga) is on for when characters go under 70%. BAM!!!!!!!!!!!!!!!You win
You're level 40+ and you can't take the King Bomb down? Eek!
I tried him a few times when I first arrived in the Salikawood and failed miserably, so I came back at about level 39 and beat him down no problem.
I just used regular physical attacks + high level magicks (except Firaga) until he had about half of his health left. Then I started a Quickening chain as fast as I could (before he could Renew) and that finished him off. :)
Also, I don't think it's a flaw in the action time. I'm pretty sure that the game purposely delays action when there is alot of enemies/effects going on. It's to prevent slowdown. I noticed the delays in my actions usually come if the enemy or myself uses a really flashy attack, so the game doesn't let any other actions take place until the first attack is over so that slowdown doesn't occur.
P.S. Don't question the bombs sexuality, he's obviously getting it on with the Mom Bombs to make all those littluns he's calling to help him.
EDIT: Also, you can get to the Necrohol through the Nabreus Deadlands.