Hispanics have always been considered "up for grabs".
While they lean more Democrat, I do not believe they reach nearly 75%. The difficulty with the hispanic vote has always been about getting out their vote. It's very low. They could be a very powerful voting block, but they just don't get out to vote in very high numbers.
I believe that Schwarzenegger got a higher percentage of the hispanic vote than the Democrat who is one of their own, Cruz Bustamante.
Of course Arnold is somewhat of a special case, but it still speaks volumes, considering his challenger.
We both agree that Hispanics represent one of the few demographics which either side could claim with decisive consquences. You are right to point out Schawarzenegger's victory over a Hispanic and his majority share of that vote. He also proved one can win the Hispanic vote without pandering the Southern Poverty Law Center and the Rockerfeller Foundation on immigration as Bush has done.
Have you seen this article, there is no reason this kind of push cannot extend into the Spanish quarter:Bush campaign testing its massive grass-roots organization http://www.freerepublic.com/focus/f-news/1150642/posts