Bustamante as governor would not be good news for Bush. As a Democrat in the governor’s chair, he would inherit Davis’s fiscal problems but not his personal baggage. Accordingly, the election of a Republican Oct. 7 suddenly becomes a Bush priority. Nobody gives 2002 nominee Bill Simon a prayer, and state Sen. Tom McClintock is a very dark horse. That is why, on the day after Schwarzenegger nudged aside Riordan to become a candidate, the President declared of the five-time Mr. Universe: “I think he’d make a good governor.” (As you were saying...)
Longtime Democratic hit man Bob Mulholland talked about shooting “real bullets” at Schwarzenegger (though state chairman Torres said he cautioned him against “using that word again”). Note that Torres didn't say he disagreed with Mulholland.
Also, I don't see how a Governor Arnold helps Bush that much. He's already demonstrated that he won't know what he's doing once elected--he needs a 60-day audit to make any suggestions for spending cuts? He won't touch education, which is almost half the budget?--so when the situation worsens under Arnold, people will blame Republicans.