There is no way he would be Speaker of the House. Boehner is first in line and and Cantor is second in line.
Who would respect Mike Pence now if he shied away from a Senate Race with Bayh when Pence is the favorite?
Huh? The idea of Pence running against Bayh only surfaced seriously a few days ago. According to articles, there are at least 3 R's who threw their hats in the ring, long before Scott Brown's win made a Bayh defeat even plausible. If Pence declines to run, it might only mean he's not a craven opportunist willing to shove people out of his way for political gain.
Personally, I'd rather see him wait for a shot at the governor's seat, where he could pick up some needed executive experience if he wants to run for prez. There's a reason why senators and reps have historically not been elected to the presidency. The anomaly of this last election should not be seen as precedent for undoing the wisdom of the electorate in that regard. What we have in the WH now is a clear reminder of just why having executive experience is so essential.