Says a resolution passed by the LNC:
In the event that Republican primary voters select a candidate other than Congressman Paul in February of 2008, the Libertarian National Committee invites Congressman Ron Paul to seek the presidential nomination of the Libertarian Party to be decided in Denver, Colorado during the Memorial Day weekend of 2008.
Should he take the offer? And which establishment party would it hurt more at the polls?

Its insane of the LP party to ask him. It will forever brand their party as not serious. If he does He will be mounting a doomed campaign and won't be able to hold his congressional seat. Maybe Eric Dondero will be able to pick it up ;-).
Which party will he hurt more ? If the nominee is Hillary it will be about equal if not us more.
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"Those who expect to reap the blessings of freedom must, like men, undergo the fatigue of supporting it."
-Thomas Paine: The American Crisis, No. 4, 1777