(1) Since the window size of 64KB is very small to keep the pipe full therefore TCP will underutilize the link.
(2) All possible sequence numbers will run out very quickly and as a result a sequence number may need to be reused before the previous packet that used it has vanished from the network.
A simple solution is to use a multiplier extension, so rather than each byte having its own sequence number, a group of bytes will share the same sequence number.