As I’ve noted, Democrats are rightly panicked about the Illinois Senate race. They need to find a way to dump Alex Giannoulias, the embattled and failed banker for Tony Rezko and the Mob, or most likely watch Obama’s former Senate seat go to Rep. Mark Kirk. But now the Obami have a brainstorm:

One intriguing idea being considered: Force Mr. Giannoulias out of the race and replace him with. … Rahm Emanuel. Mr. Emanuel is still popular in Illinois and there was a big push to get him handpicked as the Obama successor back in late 2008. Democrats have used the shaft-and-shift strategy before, as in New Jersey in 2002 when they dumped a walking wounded Bob Torricelli as their Senate candidate a few weeks before Election Day.

Well, it’s not clear that they can shove Giannoulias out of the way. But let’s consider a race with Rahm Emanuel in a year in which anti-Obamaism seems to have taken hold. It would be purely a referendum on Obama, for no one is more identified with Obama’s agenda — ObamaCare, the spending, the Israel-bashing, the hyper-partisanship — than Emanuel. At the very least, we’d have a robust debate on foreign policy. Kirk, one of Israel’s most vocal supporters, wrote a letter to Obama with Democrat Rep. Chris Carney that included this criticism of Obama’s assault on Israel, which from every report has been encouraged by Emanuel:

As we write today, Iran’s uranium enrichment and ballistic missile programs are accelerating. A nuclear-armed Iran would destabilize the Middle East and pose a direct threat to both American and Israeli citizens. Meanwhile, Iran continues to sponsor global terrorism, undermine U.S. efforts in Iraq and Afghanistan and transfer advanced weapons to its proxies in Syria and Lebanon.

While the recent controversy is regrettable, it should not overshadow the importance of the US-Israel alliance. A zoning dispute over 143 acres of Jewish land in Israel’s capital city should not eclipse the growing threat we face from Iran.

To promote Middle East peace and defend America and Israel’s national security, we urge your Administration to refrain from further public criticism of Israel and to focus on more pressing issues affecting this vital relationship, such as signing and enforcing the Iran Refined Petroleum Sanctions Act when it comes to your desk.

We certainly would have a test of Obama’s agenda — in a year in which Obama is upside down in approval polls on nearly every issue. And it might be a revealing look at just how willing American Jews are to register disapproval of Obama’s anti-Israel and anemic Iran policies.

An Emanuel run, therefore, would be a significant risk. If he lost, it would be far worse for Obama than simply losing the seat and blaming it on the defective Democratic nominee. It would be in effect a preview of the 2012 presidential race and signal Obama’s extreme vulnerability. It’s not clear that it’s worth risking that much of the president’s stature for a single Senate seat, even in his home state. After all, Democrats are going to lose a bunch of seats in November. What’s one more?