HughHewitt.com has a good list of reasons for Cons to support Arnold. There are no permalinks, so you will have to scroll down.
I tend to agree. On balance, Conservatives have to accept the fact the CA is a moderate-to-liberal state, and, therefore, for Reps to be successful they can't be hard-core Cons. It is better to have moderate Reps in power, than to have liberal Dems, if one is a conservative.
Remember: the enemy of the good is the perfect.
Hat tip: Andrew Stuttaford @ NRO.