No way would Sarah Palin even be a front runner. She's been so dismantled by the media she won't have a chance. I don't think she would get a Republican nomination.
I think Paul could run a pretty strong campaign as an independent. I would keep putting ads out there how the two party system needs to be dismantled. That's the only way real change is going to happen.
While I enjoy the same feelings regarding the jacked up 2-party system as many others here, I feel this is not the time to be slicing up the Republican party as that will only provide a guaranteed win for Obama in 2012.
I would rather see Conservative principled candidates take back the party and clean out all the worthless crap (RINO types).
A few days ago I noticed some news regarding the formation of "The Independent Conservative Republicans of Texas" and I hope other groups of politicians can follow suit to grow the movement and do some serious house cleaning.
edit: for reference search Google News for "TX State Senator Dan Patrick"