A Time/CNN Poll poll released yesterday claims that 54% of voters would recall Davis if the election were held today, and that Arnold would be elected with 25%, to Bustamantes 15%. And Tony Quinn thinks that there is a good chance that Arnold can pull in a lot of Democrats, much like Reagan did. There are many voters out there who are "below-the-screen voters", voters, people who have been alienated from politics, and whose preferences for candidates are hard to determine; but it is almost certainly the case that they would not vote for Davis, or even Bustamente. I would add that the Arnold Democrats could include many, maybe even a majority of Hispanics.
Arnold now appears on the cover of both Time and Newsweek. Here is the Time story on him; worth a quick look. Note his cold relations with the Kennedys. Here is Newsweek. You might as well look at Rush Limbaughs op-ed in The L.A. Times. He explains why this extraordinary effort to recall Davis is perfectly understandable: he has turned the state into a banana republic, Rush argues, and the people are not amused.
It is impossible for me to believe that Democrats will vote for Schwarzenegger in any large numbers. Sorry.
The only example of an "Arnold Republican" I can think of is James Jeffords.