Of the two names mentioned in the OP as replacements, I would suggest that he choose Bowles instead of Conrad since North Dakota is still a red state and could very well cause the Democrats to unnecessarily lose a seat in the Senate which if it remains this close, could be the difference between Majority Leader Harry Reid and Majority Leader Mitch McConnell.
Conrad announced a whole year ago that he was retiring from the Senate at the end of his present term (which expires in 2012), so the seat will probably go Republican anyway, and Conrad would be available anyway. Either Bowles or Conrad would be good choices, I think. Whatever the circumstances, it's best Geithner leaves anyway.
I wasn't aware that Sen. Conrad is going to retire. It makes sense then that his name would come up.