This would allow things to be passed a lot easier and cut out all the pork, but if only the president is given a line-item veto then it stacks the deck too much in his favor. We need to maintain a balance of power. To do that Congress should be allowed to vote on individual line items. All line items getting a majority vote would then be passed on to the president who could then veto which ones he likes and then the ones he passes would pass and the ones he vetoes would go back to Congress who could again item by item vote whether or not they want to override the veto.
Governors throughout the country have the ability to line-item veto, and so should the president. It gives us the best of both worlds, the ability to veto, but also to keep useful or desirable parts of bills that are otherwise being vetoed. It'd also make legislatures think twice before submitting dubious bills.
Governors in many states have the power of the line-item veto, and it has a legitimate and useful purpose. Too many federal bills out of Congress are overtly wordy, stacked with sometimes contradictory and irrelevant material, and ultimately, a line-item veto would allow the president to remove much of these while keeping the useful aspects within bills. It may even foster an environment of consensus within the Congress.