IF Perry won the R nomination (a very big IF at this point), I think his VP choice short-list would look something like this:
Palin
Bachmann
Pawlenty
...
others
{no Bush name on the list}
I believe that the reason she moved to Arizona, is because she plans of running for the vacant Senate seat coming up in ‘12. Not many here think that is possible, but Palin has recently promoted Perry and previously endorsed Bachmann. In that respect, I think she is setting up a scenario that will help her turn down a reason for running for President.
Doing so would give her a solid and stable record and repair her failed Governorship's reputation. It would also hone her political skills for a run in 2016, when the field will be wide open again and not hindered by a corrupt incumbent President.