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This wouldn't be a long term defection either. Think of it as a 4 year power-play.
They abandon Giuliani and go with a totally un-electable, sacrificial victim. (Like Jesus!) We'll call him, Koresh. Now, Koresh loses the 2008 election, and so does Giuliani without the right-wing Christian support. Presumably, current frontrunner Hillary Rodham Clinton wins in 2008. Now, inheriting George W. Bush's presidential seat is not looking to be as inviting as Bill Clinton's. The next four year term looks to be difficult at best: first there is the mess to deal with in Iraq, along with all the partisan bickering that will entail. And god help the next pres if we withdraw and there's another terrorist attack somewhere... Then, on the home front the possible economic meltdown due to the reckless fiscal policies of the Bush Administration. Most recently, note the housing/mortgage credit crunch, Congress RAISING the debt ceiling, and the Fed STILL lowering interest rates despite all this.
Lowering the interest rates here is a short term solution... keeping interest rates so low while the national debt skyrockets would lead to massive inflation (if my economics is correct...). So interest rates will have to be raised again soon, which will slow economic growth, almost guaranteeing a recession for some period of 2008-2012. So with all this, the long term thinking would be that it's likely the next President will be one term and done.
Then the Republicans would HAVE to come back to the Christian-Right in 2011, learning the lesson in 2008 that they need their support, solidifying once and for all, their place in any subsequent administration. It's a bit of a 4 year gamble... unless you have Jesus on your side.
One additional variable would be whether the Democrats can retain control of the Legislative branch for 2008-2012.
