I agree with you. I don't think Rush believes half the things he says.
Arnold has managed to get elected and remain very popular in a very difficult state (and even bounced back when it looked like he's dead). He has some political know-how. Rush, despite the number of listeners he has, could never hope to get elected. It's easier to give advice than to follow it.
One word, Kennedy.
And why not get re-elected. He is a RINO, all the way.