The fact is that Ron Paul is running, which takes away the vast majority of support GJ might have gotten. An initial run at the Presidency is often required to garner more attention in future runs. But the benefit of the initial run is eliminated in this case, where the media actively ignores you, and you have no grassroots spark.
I would argue that having liberty minded people in Congress is far more important than the Presidency. GJ would be a shoe-in for US Senator from NM, and that would also have a positive effect for a future Presidential run. Look at the attention that Mike Lee and Rand are getting as Senators (while actually casting meaningful votes at the same time).
Strategically speaking, Gary is wasting his time right now, and bypassing a very important win.