I responded earlier without even realizing what this thread was about.
No, I don't think Bo would have lasted very long. He was far from ready to be the face of a program back then. I also think the two stops in between served him very well in his development as a coordinator, which he needed. With what Frank left in the cupboard, Bo would have struggled - and his reactions wouldn't have been pretty. I do think we would've won more than 5 games in 2004, but I don't think we would have gotten very far after that. Four seasons & Grobe is probably where we'd be. The timing of Bo in 2008 was best for everyone.
I don't actually have a problem with how the search went down, although I am no fan of Pederson. It wasn't successful and he couldn't get his top candidates. However, we did get a guy who 1) represented the program with class, 2) made big recruiting contributions to the program, putting Nebraska back on the recruiting map nationally and restocking the cupboards, 3) continued the academic and character traditions we expect out of Nebraska. He just wasn't a very good head coach. Not too many people are, but at least you keep the seat warm for somebody who can do a better job.
We could have easily ended up with a far more lackluster recruiter than Callahan. I don't want to think of where we'd be now in that scenario -- the next guy (2008 or whenever) would either have to be a home run coach/recruiter combo, or we'd probably be on our 3rd or 4th coach since Solich by now.