It could.
If he can resist the temptation to whine about how mean Mitt's been to him. That makes him look weak. Republicans aren't looking for weak.
From where I'm sitting that "whining" is usually in direct response to some "news reporter" loaded question. In Vegas they repeatedly asked the same differently worded question.
And I'll add, Newt answers THE questions. Unlike mitty who always responds with some prepared taking point that rarely has anything to do with the question.
If he has the money, organ and could finally persuade Rick to drop out, it could leave a draw at the Convention. It is time for Libertarians to forget the Paul phenomenon. He is a drag on the Pub efforts to oust Bama and the Reid Senate. That is the goal. Not to garner TV love or media approval. Mitt could still rally conservs...if...he would actually state his real conserv policies in easily understood points. He just will not do it and if he wins, I think we lose as Americans.