WI: Mark Hanna Lives To Challenge Teddy Roosevelt For The Republican Nomination?

I was reading up on Teddy Roosevelt last night, and as many of you may know, he wasn't exactly the universal choice for being President; he was given the Vice-Presidency with the hopes that he would stay out of trouble. But then McKinley was assassinated, so we all know how that turned out...

Senator Mark Hanna, TR's chief rival in the Republican Party, was going to run against Roosevelt for the Republican Nomination for President in 1904, but died of Typhoid fever before he could run.

My question is, what if Hanna had lived and ran against Roosevelt for the nomination? Would he have been able to take the nomination away from him? If not, what are the odds of Hanna running against Roosevelt as a third-party candidate?

Lastly, what other effects might Hanna living produce?
 
Hanna would not be able to take the nomination away from Roosevelt. Mark Hanna is basically the 19th century's Karl Rove, except he was a financier rather than a political operative by training and profession.
 
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