American Candidate: Fodder for American Lawyers?

So there’s been much fuss made about American Candidate, the FX network’s planned reality series in which contestants will jostle for position in a battle to become the winning candidate for President.
A thought occurred to me, however: where exactly does this effort fall with respect to campaign finance laws? Or network must-carry provisions?
The show might slip around these restrictions because, if I understand correctly, the whole thing takes place essentially outside of the normal campaign process — the show is over in July 2004, at which time its simply up to the winning candidate to decide whether they actually proceed to enter the real race for President. So perhaps that gets them off the hook.
But perhaps not. Questions for the (numerous) lawyers in the neighboorhood:
1) Do campaign finance laws apply in the case of a candidate who is clearly running for office, but has not “officially” declared their candidacy?
2) Do must-carry provisions (the regulations demanding that a television network provide ‘equal time’ to candidates if they provide any time to one) apply to a cable channel like FX at all?
3) Could you make a case that must-carry provisions would apply in this case?
Inquiring minds want to know…
Update: In response to FX’s play, Lair has announced his own candidacy for President, and has decreed that he’ll have an all-Blogger Cabinet.
Put me down for Secretary of State, Lair. Sounds like a great job, ‘cept for all the foreigners, of course.