If Davis resigns and Bustamante is Governor and falls to the recall, Bustamante is out completely. He doesn't assume the governorship as a seatwarmer. Davis would have to resign in time for Bustamante to be sworn in and then nominate a new Lt. Governor and get him or her confirmed before the recall. If he doesn't, and loses the recall, the Dems lose both top spots, and the replacement Governor would nominate the new Lt. Governor.
A Davis resignation is not a risk-free strategy for the Democrats.
