Steele? As in the guy who tried to run for the Senate here in MD in 2006?
It's not impossible he'd have a future in the long run, especially if O'Malley screws up big. He's still young enough that he could win the Governorship in 2010 or 2014, then run for President or Vice-President in 2020.
That said, I don't see Jindal/Steele as a likely ticket for the Republicans, mainly because you won't see any non-white monoracial tickets anytime soon. I'm thinking Jindal/Rell would be a tough-to-beat ticket in, say, 2012 or 2016, mainly because it would be a fairly moderate and effective ticket with most demographic bases covered. They, especially Jindal, just need a touch more seasoning, and perhaps selling their souls off to special interests like they all do, first.