There is zero reason to support Obama as a libertarian. You'd be more justified going for the Green Party candidate.
Yeah, I'm going to waste my time voting for some perennial candidate who probably couldn't win a local election even if he or she tried.
The most effective way to become engaged with politics in the United States is from within the two-party system, and as dissatisfied with Obama as I may be it's either him or it's (tentatively speaking) Romney. Besides, like him, I'm a Saul Alinsky-radical:
How is that anymore of a waste of time than giving your vote to someone who you know is just going to continue wars in the middle east, bail outs, raids on medical marijuana fields and generally ignoring civil liberties to name a few issues? It's not like your 1 vote is really that consequential in the first place, I'm not really sure what your goal in compromising is here.