Has Hood even expressed interest for the Senate? I've seen things on the Governor's office, which might be doable, especially if Trump is still very unpopular in 2019, but I dunno about the Senate. IIRC, the legislature also moved to reign in Hood's power as AG, and if that actually happened it's not hard to see him looking to move up in the world.
Also, while Hood could run for the Senate seat in 2018 and still keep his position as AG, I don't think he could immediately begin running for Governor right after the election if he were to lose. Aside from funding issues, it'd be bad optics.
I'd rather see Hood run for Governor.
edit: looks like that power-limiting bill
failed.