Hau, Gilbert, I have never seen a problem with potassium locking up phosphorus in a soil system. Usually it is calcium in soil that will cause deficiency of potassium and or phosphorus.
If you have managed to get enough of either into a sheet mulch, you have really done something. Usually potassium is added by using green sand or granite meal as an amendment. While Phosphorus is added by amending with bone meal or rock phosphate. The main forms of both are not prone to interaction, but can be bound by different chemical processes.
This is a great resource for understanding these processes.
Land recources