Bizarrely he's already announcing firm policies for this as-yet-unfounded party (no internal democracy for The Democrats, it seems) and one of them is that referendums will be completely forbidden in future -
"Referendums will be outlawed by #thedemocrats. We believe in parliamentary democracy"
This raises a couple of obvious questions as far as Scotland is concerned. Firstly, what does it mean for devolution? Legal opinion may be divided on whether the Scottish Parliament currently has the power to hold a consultative referendum on independence without Westminster's consent, but there's no doubt at all that it has the power to hold referendums on devolved matters. Are The Democrats planning to follow in the Tories' footsteps by stripping the Scottish Parliament of some of its current powers?
Secondly, if this ban on referendums is indeed going to be arrogantly extended to Scotland, which parliament is James actually talking about when he uses the phrase "parliamentary democracy"? With referendums no longer a possibility, the decision on whether Scotland should become an independent country would instead have to be taken by an elected parliament - and logically that parliament should be the Scottish Parliament. That would of course make the path to independence somewhat simpler, because both of the last two Scottish Parliament elections have produced clear pro-independence majorities. But if James is instead suggesting that Scotland's constitutional future should be entirely at the whim of a parliament in which only 9% of members are elected by Scotland, that would be rather tough to square with the concept of democratic self-determination.
If I was going to offer a small piece of advice, it would be to choose a completely different name for the party. There is actually a precedent in Britain for a party called The Democrats, and it's not a happy one. The merger in 1988 between the Liberals and non-Owenite Social Democrats initially produced a party called the Social and Liberal Democrats, but for everyday use that was shortened to The Democrats to avoid the "alphabet soup" of being referred to as the SLD while in competition with the SDP, the SNP and the SDLP. The twelve months or so that the name was used proved to be a very dark spell, with the party slumping to just 6% of the vote in the 1989 European elections.