Reagan was known as a true radical right winger when he ran in the tail end of 1960s/Vietnam/Watergate America in 1979, his challenge was to overcome fear of the dangers of taking a chance with someone so genetically conservative.
Today, candidate Reagan would be much more conservative because the political climate would allow it, with rebellion stirring, the tea party, Palin, a republican Congress, republican Governors and state legislatures, knowing that he would probably be getting a republican Senate.
The reason that it was so important to get Romney in for the GOPe is to try to dampen down and end this conservative energy.
Reagan would have been in hog heaven with this political climate and with such a large conservative activist base, he would be using his economic degree and expertise to take the right to a 63% victory.
I agree with your take on it.