That's a very dangerous game to play.
One, you could get someone worse than Obama. Romney comes to mind.
Two, by giving in to "anyone but Obama," you signal that this election is not about electing folks who will govern according to the Constitution but merely about defeating Obama. At that point, you lose - judging by the polls, large swaths of the electorate still like Obama personally, even if they are not amused by his style of governing.
In May, if still Santorum is running, I will vote for him in North Carolina ! If not, I will support Romney because he cannot be bad on Economy. All the other issues, there is no way he can do any thing without conservative base. Ask bush/cheney when they tried to nominate women judge to supreme court. Even cheney came in Rush to explain but we did not accept. But leaving Obama again will be death of conservatives/Republicans/capitalistic America
When people start smelling the benefits of socialism, they will stick with democrats for few more years till we all go bankrupt. Economy will get better from 2012 to 2016 and we can run the best candidate in 2016 and he/she will not win.