You might as well add Fred Thompson, Tom Tancredo, Chuck Baldwin, Bob Barr, and Alan Keyes, if you want a total list of ‘08 Presidential candidates (present candidates or former candidates) who are serious considerations for “the ultimate conservative candidate”!
Okay. Thompson is a conservative leaning Bakerite- Not Conservative.
Barr and Baldwin qualify in Libertarian circles, financial circles, Baldwin in Social conservative circles, but neither will qualify with Defense and Foreign Policy conservatives. -Not Conservative.
That leaves you with Hunter, Tancredo, and Keyes, all three fine Reagan (3 pillar) Conservatives. All three eminently qualified.
My personal pick still would have to go to Hunter all around, because of his vastly greater experience wrt military matters (thus able to serve DEFCONS better than the other two). If anyone bears Reagan's torch, it is he.