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I don't think it's an "either...or" question.
He is certainly a democratically elected head of a sovereign nation and he has the right to do what is in the best interests of Venezuela.
It can be argued that every country poses a threat to US National Security. The questions are really "how much of a threat?" and "what should we do about it?"
There are many different levels of threats and different levels of responses that we may undertake to counter that threat.
In the case of Chavez, I think his anti-Bush rhetoric is just a way of scoring political points at home. His cavorting with other threats is more of the same. It's just a stunt, just like the way he's offered to send aid and medical care to Katrina victims. Beneath it all, he is a minor threat compared to others. Once Bush leaves office, Chavez will probably become less significant.
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