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HONEST, IT’S TRUE: Kevin Federline, aka K-Fed, is the latest celebrity wannabe to throw his hat in the fashion design ring. Best known as Britney Spears’ ex-husband, the former backup dancer-turned-would-be rapper has now set his sights on a children’s clothing line, and is in talks with Gerard Guez about a licensing deal. Federline, who made an overnight stop at the Project trade show in Las Vegas in the interest of research, stayed overnight at the Venetian and said he was looking around at the styles and was hoping to be inspired by what he saw. “It’s a really tough business, I’m trying to take it seriously and make a quality product for kids but not have parents pay like $500 or something ridiculous for a pair of jeans,” he said, bemoaning the perils of buying expensive clothing for the two sons he has with Spears. “You buy your kids a pair of True Religions then they roll around in the dirt like kids do and a $200 pair of jeans is gone. With this economy, I’m looking to do something much more reasonable.” No word yet on the name of the line or a potential release date.