He could run a parallel legal defense fund, which would probably draw on the same pool of donors and wouldn't have FEC restrictions.
I'm not a lawyer, but I don't think that he can do that.
As an issue, fugedabowdit. I grew up in NC watching Jesse Helms on WRAL, which one minute spot vanished when he first ran. Reagan gave us a little over a year free from "Bedtime for Bonzo" reruns, and Pat Buchannan gave up a lucrative radio show in '96. Been there, done that, not a big deal.