Timing is everything. It is my opinion that Mike Huckabee would make a great president. However, I recognize that just as Reagan, the first time around did not result in victory. While many of Huckabee's supporters would love to see MCCain pick Huckabee as his VP, I don't see that happening.
I would rather see Governor Huckabee spend the next 4-8 years working at the grass roots level rebuilding the conservative base and getting ready to run again for President as opposed to being the VP. The political dynamics of this election may be well suited for McCain choosing a woman as his VP and the name that sticks in my mind is Kay Bailey Hutchison.
Such a pick would be met by support from the conservative base and allow McCain to avoid all the pitfalls associated with picking someone like Mitt Romney. A Hutchinson selection would help McCain with the women vote and would give Hillary supporters an alternative to Obama. Since it's pretty clear that Hutchinson would most likely not seek the Presidency in future years although she is definately qualified to do so, would allow Huckabee and Romney to demostrate thier conservative creditials.
The social conservatives are split on Romney and economic conservatives are split on Huckabee. It is my opinion that Huckabee has the potential to inspire America as Reagan and may well be able to carry Reagan's mantle. The verdict is still out on Romney.