The latter.
I appreciate your civil question.
I could actually vote for the guy if he is the nominee. He was a great mayor (at least his first term. He had the normal 2nd term problem that almost all Republicans do). If I thought he actually bought into Forbes's worldview of a flat tax, privatising social security, at least holding government spending to the level of inflation, and he really, really meant it and would fight for and champion it, I might even vote for him in the primary.
I have told myself that I could never in my life vote for an abortionist or gun grabber, but the GOP has so completely screwed up this country and destroyed conservatism in the last 6 years with Medicare, all the other spending, etc, that I could go for a guy who promises neutrality on the abortion and gun issues if he would be a real supply sider.
Unfortunetly, as soon as Giuliani said some nice things about the flat tax, he backed off of them.