Perot is a big issue with an alternative 1992 presidential election.
IOTL Perot generated a good deal of excitement with an independent run, had problems getting a campaign together, and then started losing traction when he dropped out and said the Democrats had a viable challenger in Bill Clinton. Later on he reentered the race, took part in the debates and did well, and finished winning no states but taking 19% of the nationwide popular vote, which is quite good for third party candidates.
There is an argument about whether Perot drew more from Bush or from Clinton. Most people think he drew evenly from both, citing post election polls. The problem I have with this argument is that post election polls always overestimate the percentage of the vote won by the winner of the election. People like voting for the winner! People will claim they voted for the winner or would have, and people who voted for the losing candidate will say they voted for the winner. I did a congressional district by congressional district breakdown of the vote, and found that if you combined the 1992 Bush and Perot votes, it correlated highly with the 1988 Bush vote, and Clinton consistently got just below what Dukakis got in 1988 (Dukakis in 1988 ran 3% better than Clinton in 1992 nationally), with the exceptions being the Dallas area and upstate New York.
Its been reported that Perot hated the Bush family personally, and his strange behavior in 1992 was to maximize the votes he drew from Bush. I find this very plausible. But Perot's positions, as opposed to his image, were closer to Cuomo's than to Clinton, so even if Perot was running for ego or to push protectionism, he has less reason to run if Cuomo is the Democratic nominee.
In the likely scenario that Perot doesn't run and Cuomo is the Democratic nominee, its a two candidate race, and as a baseline you give Bush and Cuomo the vote percentages Bush and Dukakis got in 1988. Cuomo's profile as an anti-death penalty northeastern governor with an Ellis Island ethnic background is similar to that. Now add the weaker economy, fatigue with the Republican party, and Cuomo being more charismatic than Dukakis, and in a two candidate race I think that Cuomo takes it, running 5% or 6% better than Dukakis nationally. This would be a 3% national popular vote margin, instead of Clinton's 5%, but it would be enough. He doesn't need to carry a single state in the South. He will carry all the Dukakis states, plus California, Illinois, Pennsylvania, and Maryland, all of which Dukakis lost narrowly, plus Michigan and Missouri. Dukakis didn't lose Arkansas, Louisiana, and Tennessee by overwhelming margins, so if Cuomo's running mate is from one of those states he should carry a southern state as well.
If Perot runs anyway, he will draw tough on crime voters from Cuomo, but I don't think that changes much. Their stances on trade are similar enough that Perot gets a smaller percentage of the nationwide popular vote than he did, with the difference going to Cuomo, and then Cuomo loses some of Clinton's southern support to Bush. I think this is a wash, and Cuomo still wins the nationwide popular vote by about 3%, with both Cuomo and Bush drawing in the low 40s.
Now if the rumors of Cuomo having mafia ties are correct, and that comes out, all bets are off. That is the problem with doing alternative history speculation on late twentieth and early twenty-first century American politics.