A waste? The Iowa class BB was the most powerful surface warship in naval maritime history. Getting rid of them was a waste. And dude, they fought in Desert Shield/Storm. Which was in the early 90s.
The Yamato class would like a word with you unless you're using the 80's refit versions.
Yes the Iowa's operated in the early 90's, but they were 80's era tech fitted onto 1940's infrastructure. I wouldn't call the USS Nimitz a 21st century aircraft carrier just because it is still in commission. It's a 70's carrier.
Yes, the Kirov is a tough beast, but with a barrage of SM-2/SM-3 Block 3 missiles and who knows how many Harpoons coming at you, you ain't getting them all. And like I said before, the Russians basically have no quality at sea fire party or damage control capabilities.
And you can say the same thing about the Iowa's if you missile spammed it as well especially considering its CWIS was hardly up to snuff with its blind spots, etc.
And as G5 said, it might not sink the Iowa's necessarily, but it will knock it out of the action and probably better/cheaper to scrap them then to repair it.