While I am no fan of Sarah Palin, she is right on this one... but for different reasons: The Reagan Coalition had the support of those who are civil-libertarian minded. He sprung from the Goldwater wing of the Republican Party, which, while not the same as Libertarianism, is very palatable to Libertarians. And thereby, Goldwater Libertarians are a necessary component of Conservatism.
I have said here before that civil-libertarianism and the Judeo-Christian ethic are what should inform the conscience of every conservative: Libertarianism without the Judeo-Christian ethic will inevitably wind up in anarchy... and The Judeo-Christian ethic without civil-libertarianism will inevitably slide into Christian Socialism.
While I am no Paul fan either, I can see what our civil-libertarian minded FRiends see in him. The difference between Reagan Conservatism and Neo-conservatism is basically the lack of civil-libertarianism.
Extremism in defense of liberty is no vice.