Putting politics aside, here are some reasons why Bill Clinton would not make a good talk show host, despite his formidable communications savvy:
1. He's a politician and politicians have a need to be liked by as many as people as possible. Clinton paid a great deal of attention to polls as President, and has shown personality traits that indicate his desire to be well-liked is still strong. A good talk show host must be willing to be say things that are provocative and which will offend some. I disagreed with many of Bill Clinton's policies, but his charm is undeniable. He simply would not be able to say things on the radio that excited listeners. "I feel your pain" may get votes, but not long-term listeners.
2. He loves to travel. Even with ISDN, etc., Bill Clinton would not want to be chained to a studio three hours a day, five days a week, no matter where his show would originate. And even the most generous syndicator would not give him unlimited vacation time.
3. He makes a lot of money on the speaking circuit. I have no idea what he charges for an hour speech, but it's a lot of money. Even if he makes one-half of Rush's yearly salary + endorsements, Clinton is making plenty of cabbage.
In sum, he doesn't need the gig.