Socking away that sort of revenue ain't a bad thing to do, although, eventually if government collects it they will spend it. If I was an Alaskan I would hope they would spend it on permanent infrastructure, not short-term stuff or vote-buying.
No doubt, eventually. If Palin runs for president, I expect her to sign on to something like Mark Levin's proposal to amend the constitution to require balanced budgets and a cap on spending as a percent of GDP except for extraordinary cicumstances (like declared war). As Levin says, he's very reluctant to amend the constitution, but he sees no alternative to force spending discipline in Washington. If/when she becomes a candidate is the right time to do that, not before.