I think that Arnold should stay in politics. Senator Schwarzenegger? However he should switch parties. Democrats are more tolerant of philanderers. Notwithstanding the "girly man" label that he applies to political opponents, Arnold's stated positions are not sufficiently extreme for the tastes of most Republicans.
Although his Terminator films have been very successful at the box office, I think that he's a tenth rate actor. People watch his movies, because they like him as a person.
In his role as Governator, Armold has been average. Like most big-name American politicians, he's essentially an empty suit, who blindly follows his advisers.