I think it could possibly could work, especially to help bolster H.W.'s perceived wimp factor and a chance to bring dynamism to a ticket that was down in the double digits against Dukakis. I think his small-town Mayor role fits in with the more suburban focus campaign strategy of the Republicans '88. Eastwood definatley would not let Bentsen walk all over him like he did to Quayle IOTL. The map probably won't change that much, maybe by bringing California stronger into the Bush Camp.
As far as the alternate Bush Presidency, I think one of the reasons why Eastwood was shot done so fast, is that Baker and the other advisors knew that Bush would be overshadowed by the aura of Eastwood. But on most issue, I think they could find a lot of common ground since Clint has always had strong libertarian leanings. If the Dem's still win in '92...I think he might hedge his bets and wait on 2000 if Clinton is still the nominee.