He did consider it, which makes for interesting circumstances.
I think his key problem is Jesse Jackson bleeding his Southern support, Gephardt hitting Midwest, Dukakis in the North, and so forth. Overall the field in '88 was quite a bit better than in '92 and therefore harder for Clinton to stand out.
In the ATL does his history come out? Can he still mount any kind of Comeback Kid thing? No Harkin means Iowa is a free-for-all, and N.H. seems like a close fight.
I don't think Clinton can win, I do think butterflies + Clinton doing well means things are going to change quite a lot…*but I'm not sure in what direction.