Are matching funds candidates 'unelectable'?

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George W. Bush will have vast amounts of campaign cash. (As of the end of the 3rd quarter, Bush has raised $83 million total.) There's a big fear among political experts that a Democratic candidate hamstrung by matching funds limits would not be able to respond to television attacks during the March through July period -- after the nominee is known, but before the Democratic Party's convention.

Question: Are candidates who participate in the federal matching funds system during the primaries unelectable against Bush?