Interesting scenario! I would have loved to see Obama destroy Santorum in the debates in 2008. I think that Obama would end up carrying Arizona, Georgia, Missouri by fairly slim margins while Santorum would do much better in the South and Midwest than McCain did and might make Iowa and Ohio somwhat closer than in RL. In addition, Santorum might have won all of Nebraska's congressional district electoral votes. Overall, Obama would have won by a landslide if Rick Santorum got the Republican nomination in 2008.
Obama/Biden: 403 Electoral Votes
Santorum/Palin: 135 Electoral Votes