Politically, it may make a lot of sense. At least one writer in the Hawkeye State thinks he’s watching that strategy already begin to play out:

Romney has traveled all around the country raising money for his Free and Strong Leadership PAC and headlining Republican fundraisers, but he hasn’t stepped foot in Iowa.
Romney hasn’t totally forgotten about Iowa. When his presidential campaign ended in early February of 2008, he had over $400,000 in his Iowa state PAC. Since last fall, Romney has slowly been draining the funds from his Iowa PAC. Before the 2008 elections, Romney made a $30,000 contribution to the Republican Party of Iowa, a $10,000 contribution to State Senate candidate Kim Reynolds, and a handful of other contributions to legislative candidates. Those, however, are the last expenditures his PAC has made in Iowa.
In June of this year, Romney’s state PAC’s balance was down to $203,380.91. Instead of making contributions to county party organizations and legislative candidates, Romney is using to his Iowa PAC to help subsidize the salaries of aides, like his former campaign manager, Beth Myers, and Eric Fehrnstrom, his former communications director. None of these expenditures have anything to do with supporting Iowa candidates or building an organization for his leadership PAC.
Romney’s decision to drain funds from his Iowa PAC sends a signal that he could very well bypass the Iowa caucuses in 2012 if he makes another run for the Republican nomination for president. If Romney was planning on another Iowa caucus campaign, keeping funds in his state PAC would have allowed him to set up an early Iowa organization like he did in 2006.