It won't work. You are correct that it is intensely damaging to American interests, but it won't work. Consider the history.
Incumbent Presidents subjected to "hate campaigns" (and/or extreme credibility attacks) by the opposition: Andrew Jackson, Lincoln, FDR, Nixon, Clinton -- ALL REELECTED.
Last incumbent denied reelection because the electorate voted AGAINST him, rather than for his opponent: Herbert Hoover, 1932.
That is one side benefit of the whole Kerry potential scandal. It brought many folks back to the same page in the book...where it says we need to continue winning our elections before trying to submarine our own. :)