Politically, I think Bush would benefit from waiting a year:

1) It would undercut his critics, make him seem to be thoughtful and cautious, etc. . . -- war next year as opposed to this one is a bizarre but effective form of triangulation.
2) It would make the success of the initial war effort closer in time to the election (and I don't think anyone major would accuse him of doing that intentionally), while
3) forestalling the whole messy "what after" scenarios until, largely, post-election.
4) Waiting a year would probably help internationally as well.

that would be the smart thing to do, if it could be done. I've heard that suggested last September. The cover story would be for Bush to be 'reined in' by 'cooler heads', and giver Saddam time to come clean. Then, when Bush's righteous patience had run out, and it was time (e.g., March 04)to Protect America....