He should participate in twitter, but it would take him half an hour to write an answer with the depth necessary to explain his positions and unless the questions are given in advance, I think this format doesn't make sense for him for a debate. In any event, he isn't doing it. And using supporter made videos would endorse every word, and they aren't all his words, often. Frankly, I think it would be run by a staff member, and I would hate them to misphrase what he thinks so when he says what he actually thinks somewhere else, it sounds like he flipped.
I'm pretty certain Ron Paul does not actually compress his thoughts into twitter on a regular basis, and after a couple of months on there, I am still getting the hang of how to get my thoughts across. It wouldn't actually be him doing it.
This is perfect for Cain - any of the 'sound bite/slogan' candidates. Not so great for Ron imho.
And who is going to watch? Only activists with a dog in the race. They won't be persuaded away in 140 digits, and WILL use things against other candidates if they say something inartfully.
I'm certainly not remotely interested in looking at it, but may mine it later for things to use against other candidates.