Believe it or not, The New York Sun is making the case:
Mr. Cheney has virtues as a candidate in his own right. He has foreign policy experience by virtue of having served as defense secretary, and he has economic policy experience, having served as a leading tax-cutter while a member of the House of Representatives. His wife, Lynne, would be an asset to the ticket in her own right, a point made by Kathryn Jean Lopez in a post on the topic at National Review Online back in February. By our rights, Lynne Cheney would make one of the greatest First Ladies in history. Mr. Cheney, in any event, is more than four years younger than Mr. McCain, and, if elected, would be 67 years old at his inauguration, younger than Reagan was when he took office. His health, while a topic of frequent speculation, hasn't interfered with his service as vice president.
I think at this point a McGovern/Dukakis ticket could beat Cheney.