Lewis, considering that the government has lots of money, the most libertarian position is truly to give it to the people rather than build bridges or whatever.
I've been to Alaska and I vote 4.
The most libertarian position would be to have never given that money to the government in the first place.
Oil companies are the reason that Alaska has that money. The people didn't give it to the government thus they are getting paid by the government even though they didn't pay in. Alaska has no income tax, no sales tax, and gives its citizens the excess money from its coffers. That sounds pretty Libertarian to me.
The Libertarian position is also to give back excess money that is not needed by the government. Give the money back to the people and that is what the Alaskan government does.