Matthew Yglesias thinks James Dobson is completely serious about supporting a third party Christian Right candidate:
The best thing is for a pro-life Republican to win the White House. But for a pro-choice Republican to win is worse than for a pro-choice Democrat to win, because it would undermine the narrative that abortion criminalization is a winning electoral issue for conservative politicians. If Rudy gets the nomination as a pro-choicer, I think Dobson et. al. have no choice but to try to throw the race to the Democrats, in order to make the argument that Republicans can only win if they run pro-life campaigns.
"The mere fact of a Democrat in the White House doesn't threaten their power nearly as much as a pro-choice Republican would," he later adds. Scott Lemieux feels otherwise:
I don't mean to discount the possibility entirely, but I do think it takes a pretty cynical view of Dobson's motives ("cynical", of course, doesn't mean "wrong.") If we assume that Dobson wants to maximize his personal power, he's almost obligated to mount a third-party campaign if Giuliani wins. If we assume, however, that he cares most about achieving anti-legal-abortion (for poor women) policy objectives, he's not going to mount a campaign.
Sarah Posner agrees with Lemieux, but for different reasons:
The idea that the Christian right would endorse a third-party candidate is ludicrous, given its pathological need to defeat Hillary Clinton and ultimately maintain sway over the White House. Focus on the Family's James Dobson has a history of threatening defection from the GOP to endorse a third-party candidate. He has never followed through because he's savvy enough to know it would render him irrelevant.
Interestingly, Posner sides with Yglesias on the cynical view of Dobson as power-seeker, but views his options as exactly the opposite of what Yglesias sees: For Yglesias, Dobson cares mostly about power and supporting a third party run against Giuliani is how to maintain that; for Posner, Dobson cares mostly about power and not supporting a third party run against Giuliani is how to maintain that. Here, Lemieux is actually on Yglesias' side, but thinks Dobson is ultimately more motivated by a personal opposition to abortion.
So...who's right? I think it's hard to separate Dobson as power seeker from Dobson as moral opponent of abortion. The two go hand is hand for him. He has a bit of a savior complex and thinks the best way to end abortion is for him to remain powerful indefinitely. I'm inclined to agree with Yglesias that the third party threat is a real and valid one, although it could certainly fall through some time over the next six months, particularly if one of the other GOP candidates comes through: It's commonly cited that Dobson hasn't said anything particularly mean about Mitt Romney, but will socially conservative Christians vote for a Mormon? Will Mike Huckabee surprise in Iowa and finally become a valid first tier candidate? If neither of these happen, just how much of a political risk will Dobson et. al. be willing to take? Not sure, but I can't wait to find out.