CrossRoads:
Take a look at the AD595 datasheet, see what level of input it is expecting from the thermocouple.
The '328P can take in 1.1V/1024 as the lowest reading, about 1mV. Probably not reliably, will need a couple of mV for a reliable reading.
Looks like type K's are around 4mV per 100C. It should work.