I doubt he would run for president.
I think the Republican nominee will be someone other than Romney, Huck or Palin...and I think 2012 will be the political end of the line for Dear Reader. Think Carter.
I have the feeling that the GOP nominee (and ultimate victor) will come from the ranks of the young, conservative GOP congressment.
Gawd...only after taking a pill!
We should all remember that 1980 was a three way race.
When Reagan defeated George HW Bush and John Anderson in the primaries, John Anderson (liberal R congressman IL) went 3rd party and ran as an independent. His effective intent was to give a candidate for liberal Republicans to vote for in hopes of derailing Reagan.
I had hoped Reagan would have chosen to run with Jack Kemp or even Phil Crane (also ran but faded early in the primary race in 1980. Conservative Congressman also from IL), but I think Reagn's choice of Bush was in part to derail Anderson's attempt with a "moderate" (Rockefeller wing) running mate.