I don't think the constitution bars Bill from being the VP on the ticket. He can't be elected to the presidency but he could ascend to the presidency for the remainder of the term if so needed. But I don't think GWB is going to drop Cheney.
Until the Supreme Court says otherwise, that's a reasonable assumption. I can guarantee the Court would decide before it ever got to the point of someone like Clinton being elected VP.
Really though, Bill Clinton is a huge narcissistic vacumn that can suck all the attention away from even the most charismatic democratic candidate. I'm sure Kerry would prefer he go out of the country on a poon hunting trip around convention time.
I'll bet they could once a Clinton was named the running mate and put on the ballot, rather than having to wait until after the election itself. Before that, I wouldn't expect anyone to even make the challenge. But I doubt we'd ever see it happen anyway regardless of any Constitutional questions.
"Bill Clinton showed incredible energy and great personal appeal. As chief executive, he showed a deep and far-ranging knowledge of public policy, a great compassion for people in need, and the forward-looking spirit that Americans like in a president" --George W. Bush Clinton's rise to power: "took more than charm and intellect. It took hard work and drive and determination and optimism." --George W. Bush "I can tell you more of the story, but it's coming out in fine bookstores all over America" --George W. Bush "I am in love with Bill Clinton he is a very sexy man." --George W. Bush