Judging what history will think of a president is, in the popular vernacular of yesteryear, a mug's game. Harry Truman declined to run again with a pre-election approval rating of just 23%, but we regard him pretty well, thanks mostly to desegregating the military. On the other hand, Warren Harding was well thought of throughout his administration; the scandals only came to light after his death in the third year of his term.
That said, this strikes me as pretty unlikely. I'd be a prepared to take a little action at Longbets if Karl Rove is ready to put his money where his mouth is.
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