Hobbie's card says

"When you acquire or spend a target lock, you may remove 1 stress token from your ship."

If Hobbie K-Turns and picks up a stress token, is he allowed to still acquire a new target lock and clear his stress?

He can only acquire the new target lock if it is not an action.

He can't use the Target Lock action because he will be stressed from the K-Turn.

Dutch Vander = Hobbie's BFF

Hobbie and that astromech that stresses you and your target is a great combo.

You acuire your target lock on who you want to shoot. You shoot them and stess you both, then spend your target lock to remove your own stress.

Hobbie's ability is pretty lame on its own, but it can be awesome in a few different combos.