I believe that Sarah would outshine both Perry and Romney pretty quick upon an actual announcement of her candidacy. The one thing she can’t do before that announcement is to make campaign promises. And (credible) campaign promises make the candidate.
She might break with tradition and announce a prospective running mate early, so as to minimize the pain for that person who can then drop from the picture until the proper time. If she’s thinking Cain or Bachmann, that might make sense for her.
She would have the spotlight for a short time --- like Perry. It would be then her job to seal the deal.
Perry thought he could sew-up the nomination quickly without having to work at it too much. He let his ego get inflated by those around him and he made the leap right into the flames.
Palin is smart enough to know that she is not going to just walk-in and walk-away with the nomination. She will be the target-du-jour based on her name recognition and instant popularity. They will chop her down using everything they can --- even if some is false (Perry was the victim of both real and false accusations).
I think, if she really wanted to run, she should be putting policy ideas on the table now, like Cain's 9-9-9 Plan. Those policy ideas would pave the way for her nomination.
Palin has more to lose than to gain.