That would be very smart for the republican establishment, but definitely not smart for her - provided she is contemplating running in 2012.
The RNC lead job is a behind-the-scenes position, despite Steele's compulsive need to aggrandize and advertise himself. While Governor Palin is quite capable of performing in a behind-the-scenes position, whe is currently having great effect leading from the front. The GOP desperately needs her to step back into the shadows, lest she reveal the GOP elite for what they truly are.
IMHO, for Sarah Palin to become RNC Chair would be a huge disservice to her, to conservative republicans, and (in the long run) to the country.
Well as I initially said, until the elections of the 2010 I think it would be a great move for her. The job is what the holder wants to make of it, and it would offer her an additional official capacity to launch her run for 2012 while providing “spiritiual leadership” to the party as a whole.