The possibilities of who Mrs. Romney was referring to as a possible female running mate are limited. Most were thinking Kelly Ayotte or New Mexico governor Susana Martinez, as this piece points out. I think Rice is brilliant. But picking her would immediately allow Barack Obama to run against George Bush, something that worked for him in 2008 and Bush wasn't on the ticket in that election either.
It's been said Paul Ryan would epitomize the "post-Bush" pick. Rice would be just the opposite. Given the overly cautious nature of the Romney campaign so far, I find this pick unlikely. And for reasons beyond Condoleezza Rice's control, I would not support this pick.