Bush and Obama both like their Executive Orders. Obama may live in a bubble but he is not an idiot and he likes his power. He will only use an EO if he thinks he can get away with it. Anything that could be challenged or overturned may limit his power in the future.
If there is one thing Obama has done consistently it is to seek more control. He will not do anything that lessens his control. Not saying he won't try an EO or that we should not stay vigilant. I do think that it is a saber rattling threat without much likelihood.
Obama has many fights waiting in the wings, many considered more urgent by most Americans. You have to ask, is he willing to win this fight at the cost of the others? I doubt it, winning the gun control battle may cost him everything else and he knows it.
"For every problem there is always a solution that is simple, obvious, and wrong." - Mark Twain