Yes, I imagine that many do prefer such an outcome. However, in winning he will either fail in governing in a manner to produce prompt solutions to a decade old decline in direction, thereby earning a failed grade for California's brand of "republicanism" in general in the eyes of the voters, or, if enthusiasm for change produces some results without social program change, he will chart the course for the next downturn by built in cost.
If California voters, in general, had to make a choice that implied overall change in government's direction, they might then find the choice worthwhile or not. With Arnold, they don't have to make a choice. A vote for him will be satisfying from voting the Ins out and yet implies little hard change in direction to the great raft of social programs keeping the high cost of state government afloat.
We have much the same problem in my neighboring state of Kansas. There the Republicans stay divided and self-cannibalizing.
I wish you guys well, but Arnold solves nothing and may even leave many feeling that they tried "conservatism" without results even though Arnold will give them a bare taste of the true brew.