If Rudy Giuliani wins the Republican nomination and a third party campaign is backed by Christian conservative leaders, 27% of Republican voters say they’d vote for the third party option rather than Giuliani. A Rasmussen Reports national telephone survey found that a three-way race with Hillary Clinton would end up with the former First Lady getting 46% of the vote, Giuliani with 30% and the third-party option picking up 14%. In head-to-head match-ups with Clinton, Giuliani is much more competitive.

Over this past weekend, several Christian conservative leaders indicated they might back a pro-life, third-party, candidate if Giuliani wins the nomination.

The latest poll highlights the potential challenges for Giuliani, but the numbers must be considered in context. A generic third-party candidate may attract 14% of the vote in the abstract at this time. However, if a specific candidate is chosen, that person would likely attract less support due to a variety of factors. Almost all third party candidates poll higher earlier in a campaign and their numbers diminish as election day approaches. Ultimately, of course, some Republicans would have to face the question of whether to vote for Giuliani or help elect a Democrat.

The telephone survey found that 17% of Republicans believe it’s Very Likely conservative leaders would back a Pro-Life candidate if Giuliani is nominated. Another 32% believe it is Somewhat Likely. Among all voters, 22% think a third party approach is Very Likely and another 33% say it’s Somewhat Likely.

Most Republican voters consider themselves Pro-Life on the issue of Abortion. Most Democrats and Unaffiliated Voters are Pro-Choice.

The bigger question for Giuliani might be how this possible challenge from the right might affect perceptions of his electability. Currently, Giuliani is seen as the most electable Republican candidate which helps overcome concerns that some have about his ideology. A survey conducted earlier this month found that 72% of Republicans think Giuliani is at least Somewhat Likely to win the White House if nominated. However, the current survey finds that number falling to 58% if Christian conservatives back a third-party option.

With a third-party option on the table, only 18% of Republicans believe Giuliani would be Very Likely to win the election if nominated. That’s down from 31% in a two-way race.

Among all voters, 49% say Giuliani is at least Somewhat Likely to win a two-way match-up. That falls to 43% with a third party candidate in the mix.

Electability is a crucial issue for Giuliani because two-thirds of Republican voters seen him as politically moderate or liberal. That is a challenge unto itself in a political party where most primary voters consider themselves politically conservative. Fred Thompson is currently viewed as the most conservative candidate in the field.

Three of the last four Presidential elections have seen a candidate win with less than 50% of the total votes cast. If Hillary Clinton wins the Democratic Presidential nomination, there is a very reasonable possibility that neither major party candidate would top the 50% mark in Election 2008. With such a scenario, third party candidates on either side of the political spectrum could play a significant role by peeling away one or two percentage points of the vote.

Clinton is currently leading the race for the Democratic Presidential nomination, but her victory is not inevitable. Among Republicans, Thompson and Giuliani lead in the Rasmussen Reports daily Presidential Tracking Poll.

Crosstabs available for Premium Members only.