I felt the same, and came to the same conclusion you did. I can see the clown suit solution becoming a gaffe, as well; many demographics didn't like the way GWB came across as fratboyish, and bets with reputation-harming terms have that association.

Since a presidential candidate who wins will be in a position to influence the results of policy decisions, I don't think their participation in futarchy-style bets would signal well, either. But there's gotta be some politically-correct way for them to put their money where their mouth is...