Yeah, you already know he's a scumbag and that he is obsessed with demonizing anyone whose skin is not his lighter shade of pale. And yes, he's looking more like a fringe character in his third-party bid to become Colorado's next governor. Still, it's worth keeping an eye on lying hatemongers like him, because the right-wing media still gives him a platform to push ideas they want pushed, even if they're smart enough to want them pushed by someone other than their matinee idols. So, to that end, you should have a look at "Tancredo: First Lady Wanted To Ban Christmas Artifacts At The White House" over at TPM.
You should also bear in mind that his remarks (and they were not limited to making shit up about the First Lady, not by a long shot) were not surreptitiously grabbed from off-the-record blabbing when he was surrounded by admiring teabaggers or something like that. These came in an interview with TPM.