I disagree. The boycott of the Olympics in 1980 was an ineffectual move by Carter to "protest" the Soviet invasion of Afghanistan. If we had had an effective foreign policy, it would have been preferable to boycotting. So lets go for the effective foreign policy because the boycott and the Soviet counter boycott really screwed up the games.
Now if we want to go after the International Olympic Committee for being a Racketeering Influenced Corrupt Organization, that's another matter. I'd be all for that.
The Olympics is one of China's Achilles' heel. Using it is more effective than talking China out of 100 billion dollar oil/gas deal with Iran and Chinese threat to veto resolution against Iran's nuke.
Making a credible threat and the attempt to tar Chinese Olympics' image would do more to persuade China than hundreds of Foggy bottom diplomats working overtime.
We should leave this as grass-root civilian initiative. That way, Bush government can have better maneuvering room.