Historically, the more libertarian candidates have a bigger impact on the Conservatives, because the Conservatives usually have more voters that subscribe to libertarian type values than the Democrats do.
But, this is anything but a typical election, so I could be way off.
I agree, but framed in the correct way, Gov. Johnson can fracture Obama's base by running on these issues:
1. War
2. Civil Liberties
3. Social Freedoms (e.g. gay marriage)
4. Drug War
5. Fiscal Responsibility
6. Tax Reform
7. Immigration
Gov. Johnson is against the unconstitutional, undeclared, and aggressive wars waged by Bush/Obama. He isn't, however, as strictly ideological or doctrinaire as Ron Paul (which IMO is bad, but looks good to the relativists who populate the left). He is against the violations of civil liberties enacted by the Bush/Obama security state. He has been consistently for "marriage equality," unlike the flip-flops of Obama (and Romney, LOL). He is against the drug war, while Obama has been ratcheting it up. He is for fiscal responsibility, whereas Obama has a budget plan that literally NEVER balances the budget. Gov. Johnson is for the FairTax, which is a progressive tax with bipartisan support. Lastly, Gov. Johnson is for reforming the immigration system and giving all illegal immigrants amnesty, while Obama has failed majorly in this department and has resorted to a last minute executive order to pander for votes.