YES, REPLACE VALERIE JARRET WITH NEWT.
He adds nothing to the ticket. The VP job is, first and foremost, to help get the president elected. Newt fails big time here.
The second job is to take over in the event of the president's incapacity. He'd do a fair job here, but he'd be 78 by the end of a first term. There are lots of better choices.
The third job is to groom a worthy successor. Again, Newt fails this test big time.