After thinking about it for a while, I've come to the conclusion that the NJ Supremes will most likely not allow the Torch's name to be replaced with someone else. It's called "precedence". Unless they can come up with some peculiarity about this specific election, if they allow the DemocRATs to prevail, every time in the future, when a candidate is losing, he can quit and get replaced by someone else. That's a nightmare and I doubt that the NJ Supremes would want that.
That would leave the DemocRATs with one of two solutions:
1. The Torch resigns the Senate and McGreevy names a replacement. As far as I know, there is no guarantee that the replacement could get on the ballot (see above) and the replacement's term would end when Torricelli's ends - January 2003.
2. The Torch stays on the ballot and tells people that, if he wins, he will resign immediately and then McGreevy can name anyone to serve the six year term. The downside - can they trust the Torch? And would the sheeple of NJ buy into it?
If the law means anything, the DemocRATs seem to be screwed.