Although I'm hopeful about the concept, I'm suspicious until the full text of the bill is released. Considering the proponents of the bill, I wouldn't be surprised if this ends up being a thinly-veiled way to protect particular pork projects, worded in such a way that it could only be used to keep projects like SLS from being cancelled while being of limited applicability to other NASA projects. After all, after the Falcon Heavy starts launching, locking SLS into a multi-year procurement contract is probably going to be the only way to keep money funneling towards SLS contractors.
Also, from what I've been able to read online so far, NASA (along with the DOD and Coast Guard) already have some multi-year procurement capability, bit can't use it where there's significant technical risk. With NASA technical risk usually means cost-plus contracts, and cost-plus contracts combined with multi-year procurement is potentially very bad, depending on how the bill is worded.