This sounds good, though I'm sure it's very sweet. I haven't tried it, but when PAMA first came out, I tried it in a Manhattan a few times and liked it. It's a very good substitute for the sweet vermouth.
If I made this, I might try it with more Manhattan-like proportions, like 3:1 in favor of the bourbon.
PAMA is a Heaven Hill product, hence the EW recommendation in the recipe.
Other than adding a liqueur where none has been before, I give them credit for not mucking-up the classic julep too much.
PAMA Mint Julep
2 oz. PAMA Pomegranate Liqueur
2 oz. Evan Williams Bourbon
2 Sprigs of Fresh Mint
2 Sugar Cubes
In a mixing glass, muddle mint and sugar with Bourbon and PAMA. Shake ingredients vigorously over ice and strain into a rocks glass over crushed ice. Garnish with a sprig of fresh mint and serve.