I wonder if voters would hold it against him that he's not a college graduate.
No -- but he would probably make lots of Perry-like or Palin-like gaffs on the stump. He is an abrasive character, and he would eventually leave plenty of bad quotes to be used by the Democratic nominee. People would hold that against him.
Mike Dukakis with a reactionary agenda and few brains -- and that is a good analogy for 2016. He could get huge corporate backing... but as shown in 2012 that will not be enough to win statewide elections in enough places.