Guys, not to sound cynical, but did it occur to you that Richardson went through this whole rigamarole as part of his gubenatorial duty as "Tourism Booster in Chief"? The no pardon was a done deal. The fact that it was a drag show done in full western regalia, and just the sheer wierdness of it all guranteed media. It was about making folks think about visiting New Mexico for its frontier history. The governonr was just doining what every governonr does. Trying to get you to spend your money in his state. Plus, it was entertaining as hell, and when you're term limited, why not enjoy the perks? 
FQ13
I agree, FQ.
And there are precedents. I can think of two off hand.
Gasparilla Pirate Festival in Tampa, for example. Nasty pirate, but the festival is a great time.
Same with Guy (Guido) Fawkes in Briton....another great party night commemorating his capture thus "On the night of November 5th, throughout Britain, we commemorate the capture of Guy Fawkes with bonfires and fireworks, and by burning an effigy of Guy"