Your points are well taken. The issue is just how unpalatable another four years of Obama would be.
I don't think it would fly today with the Internet and 24/7 cable news.
If the GOP establishment’s goal is to break the spirit of their conservative base, than this is the way to go. I predict if they do, they lose in a landslide. The MSM meme will be how they ignored the will of their imbecile voters. They will have very little grassroots support and zero base motivation and that is the most important thing going into an election.