I'd hate to see Allen West waste four to eight years, just standing in the wings as VP. He has far too much to contribute to our nation at this time, and can best do that by staying in Congress.
Some want him to run for president now, but I say that it's far too early in his political career for that. He only just arrived in Washington, and has yet to build a record of accomplishment in office. It also takes time to build the sort of political alliances that are necessary to be a winning candidate.
I don't think Palin would have him "just standing in the wings". She would work him, and use him as a resourse. I don't want him as prez right now either (too green), but he can contribue more as VP than he can as simply one of 435 C-critters.