Ron Paul and Gary Johnson are the only two major party candidates I would consider voting for in 2012. If one of them runs, I doubt the other will.
Anyway, like Johnson, Paul would be better off starting in New Hampshire. SC isn't a bad state to target either, but the evangelical/Huckabee wing seems to really have a stranglehold over the Iowa caucus.
I doubt Johnson could compete in SC either unless he can run up large margins in the Charleston/Columbia areas like McCain did in 2008. Otherwise, Huckabee will be tough to beat here.