I'd rather have Burns retire, Rehberg run for the Senate and Racicot take on Democrat Senator Max Baucus in 2008. We also need some new blood running for Rehberg's House seat so that he or she can eventually run for the House or Senate.
I'm not sure you'd be able to convince Racicot to run in '08, it would be an extremely hard race, and he could lose.
That said, if you could be sure he'd still run, your proposal would be acceptable.