Why would someone's personal beliefs have anything to do with their political strategy? If you were to run for office with the same ideas as Mr. Paul, as a Atheist, I would respect your religious beliefs and not think you less for that, as long as you're a trustworthy individual that actually knows how to fix stuff. (and more importantly, proceed to do so)
Also, the only reason Mr. Paul would be stopped from being elected is if the mainsteam media continues to have enough power to influence people's belief. It's almost like the Germans at Stalingrad. it's pushed because, and I agree with you on that, the SHTF if he did get elected, in a positive way. You'd see a mass exodus of rats out of D.C.
If they were smart, though, they'd let him get elected, because the alternative may be worse for the status quo.