I don't think the public gives a hoot about CFR, and they would hardly notice if Bush vetoed it. He must use his popularity to take a principled stand for free speech and that includes the freedom of people to contribute to political parties unfettered. CFR amounts to government control of elections.
The public may not give a hoot but the media will make a huge issue out of it and create a public perception that McCain-Feingold is the key to nirvana and mean, rich, nasty Republicans are stopping reform.
We must make a huge effort to educate people as to the whole scam, but most of all, I think we could deny them the whole issue if we countered with a bill of our own...remove the personal donation limits and require full, immediate disclosure. The simplicity will eliminate all the cost of compliance and will let the sun shine on who gives what to whom.