The scenario you suggest may be under consideration (I am not questioning your personal integrity but that of Wilson and the scum running Arnold's campaign) by Arnold's camp to persuade actual Republicans to stomach Arnold on the false premise that he will promote McClintock. McClintock will be finished politically if he trades his integrity for any mess of pottage from Arnold even a ranking bureaucratic post.
This is all academic because Arnold isn't going to be governor in any event.
There is no gap in which Bustamante "becomes" Governor. Davis remains Governor until that precise moment. Bustamante's only chance to "become" Governor depends on his winning that election. (I discount to zero the possibility that Davis will resign under any circumstances. He has the same all-consuming ego as Clinton -- who also should have resigned, but did not.)
It is a logical tactic for all the Republican candidates to demand that Bustamante put his money where his mouth is. If Davis is rejected on the recall vote, and Bustamante does not win the replacement election, then the whole Davis-Bustamante regime will be repudiated. (It is the same tactic as demanding that Lyndon Johnson or Joseph Lieberman resign from their Senate races as they were running for President and Vice President in their respective years.)
Assume that Bustamante does not resign. It is in the power of the new Governor to assign him an office in the men's john with no phone and no fax. Then, that Governor can assign any other person to undertake the advisory and ceremonial offices that would otherwise belong to the Lt. Gov. Are you with me so far?
McClintock's only possibility of becoming Governor, given the present electorate and habits of voting in California, is if he becomes second-in-command to Schwarzenegger. Absent that, McC has no chance at that office. So, the agreement I describe makes sense both for Schwarzenegger and for McClintock.
That does not mean it will happen, only that it is both logical and possible.
Billybob / John