No. She should wait for Senate 2016. Presidential turnout can only help her, and it might be an open seat.
That would take Rand being the nominee, and he will all but certainly win Kentucky, even against MUH HILLARY
If he loses the [presidential] primary, can he still run for the senate seat?
If he drops out of the presidential primary before KY's 2016 partisan filing deadline, yes. Not sure what date that is.
I remember it being early last year, one of the first ones in January. The primary for the Senate seat is in May, so it'll probably be early again. That looks pretty problematic for him.