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There is some stark beauty in such a plan.

1) I've always admired GWB's poker playing skills, and if he pulls this rabbit out of his hat, we'd all know he was da master.
2) It could happen at any time, and doesn't take much effort nor money nor time nor political capital, other than the fact that Cheney would have to go along with the plan. My read on Cheney is that he's a team player who would do it, and welcome the chance to go home fishing early.
3) GWB gets 6 years of a truly loyal VP who isn't running plays behind his back, then 2 years of a guy who's running his own agenda for the most part, so there doesn't have to be that normal friction that happens at this time in a presidency. Now, I'm assuming Hunter gets the nod. Of course, WHOEVER George Bush nominates would become the heir apparent. It would be a rather large political gaffe if GWB didn't nominate the one candidate who has the most support in the conservative base. But if that's what he wanted to do, it would be as good as done by tomorrow.
4) Even if Duncan doesn't get ratified by congress, the publicity gives him tier 1 status. (already discussed)
5) Duncan gets some nice rides on Air Force 1, can wave at Nancy Pelosi more often.
6) This "appointment" is worth more than a supreme court nomination, and GWB doesn't have to consult with anyone in order to go through with it. I never heard of Harriet Miers before Bush nominated her. Now, everyone knows who she is and she can do a lot with that.