There's already a top-notch GOP candidate running against Robert Byrd: http://www.hiramlewis.com/
Hiram Lewis came extremely close to winning the Attorney General race in 2004, and has the issue positions and military background to be competitive against Byrd.
Hiram got a lot of votes, but was due to the anti-McGraw campaign waged in the state supreme court.
I have heard Hiram raised over $650,000 but has less than $50,000 on hand...
I think Raese has the blessing of the NRSC and will get a lot of coverage from the WV media (helps to own a few stations). John can infuse some personal $$ into the campaign and raise many more to take on the senior senator.