How well would John B. Anderson have done? I would guess a respectable loss against Reagan.
That would be my take as well, but I'm not sure Reagan would have ran in the first place. Even if Ford managed to maintain a fair approval rating, the presidency would have been gone for Republicans after three terms and all the turmoil of the late 1970s (world events, the economy etc.). I actually believe any incumbent in 1980 was likely to lose based on all these domestic and foreign factors. Anyway, Anderson might have won a primary against a conservative such as Kemp or Buckley and Dole, with the latter appearing as compromise candidate between the two wings. Anderson probably would have pulled it off and picked a conservative running mate. The ticket would have been headed to a comfortable loss in November. Maybe against Reubin Askew or Mo Udall.