If Rossi were to ever run for President 2016 would probably be his year. A conservative Governor from a left leaning state that was able to win reelection would be a serious resume. Plus he has some business experience which Republicans claim to like.
2016 would make more sense because it gives Rossi more time but 2012 might be his only chance. If Obama wins and he's tanking in his first term, 2012 might be another 1980 meaning that 2016 will mean the re-election campaign for the sitting Republican President.
Well obviously it all depends on how well Obama does as President. I think 2012 is too soon for Rossi, so in a way it would be better for his political career if Obama gets reelected.
I'm finding 2012 very unlikely now that I think more about it. If Obama is a lousy President than many will probably blame his inexperience. I doubt the GOP will turn to someone with even less experience than Obama '08.
And considering Rossi has one-termer written all over him, 2016 might not be realistic either.
If John McCain were four years younger...