I'm cautiously optimistic that he'll pull more moderate Republican votes than Democratic ones. Say what you will about his conspiracies and vaccine denial, but he's not even trying to market himself to the fascist "dictator on day one" crowd.
I think he's doing this since ballot access is very difficult to get as an independent in some states. On the other hand he's not actually gonna be able to do this since the libertarian party has no interest in him.