The media is buzzing that Hillary Clinton may be offered the job of Secretary of State. If she really is not under serious consideration, the Obama team is playing with fire. Raising hopes, and then tossing her name aside, would surely infuriate both her and her allies.

What of the choice itself? From the political perspective, it is a rather clever way for the President-elect to resolve the “3 a.m.” concern–let her answer her own phone. But he already won the race, and need not re-win the argument about his readiness. Moreover, the perils are obvious — does Bill come along too? And there were some clear differences on substance and certainly tone (most clearly on Iran) during the campaign. Still, there is much to be gained for Obama by keeping Clinton occupied, close to him, and out of the Senate (where she would be pursuing her own healthcare and domestic policy agenda).

And on the merits? As became painfully obvious during the campaign, she really doesn’t have much foreign policy experience. And her opportunistic opposition to the surge was not the high point of her career. Nevertheless, for conservatives, she might be about as good as it gets — she did support the Iraq War (until she didn’t), voted for the Kyl-Lieberman Amendment, and (before she realized it would be a problem in the Ohio primaries) was a free trader. Conservatives could do worse. And they probably will.