A few thoughts. We need Cruz far more as President or a Senate Leader. As desperate as we are for good justices, there is a pretty deep bench for conservative jurists. At least deeper than the bench of true conservatives in the Senate or the White House.
While Ted would be an awesome Justice, he's needed far worse in other capacities. One of which would be as president to begin rolling back the power and influence of the federal judiciary to more of their constitutionally defined role.
Trump doesn't needs Cruz out of the way politically. At Trymp's age, that's a non factor. I guess you could say he's trying to clear the way for his kids and has his eye on establishing a political dynasty aka the Bushs but either the Trump brand will be so badly damaged or so popular that Donald should he win, will either easily win a second term or get primaried by someone like Ted.
Ted didn't mess up at the convention. He messed up this week. That's what's really going to hurt him going forward because it badly damaged his brand. Can he recover from this mistake? Probably, but he's actually diminished his chances of ever becoming president, not with his actions at the convention but by his actions this week, though they are still quite good.
Ted is certainly not a natural politician in the mold of a Bill Clinton, but to say he lacks likability like Hillary is a bit much. Cruz improved significantly as a retail politician this cycle and with his intellect can be devastatingly funny. That can't be said for Hillary. Cruz's obvious love for his kids also gives him a warmth that the shrew Hillary has never had. Ted is plenty likable to be elected president.
Again, while Ted would make an awesome Justice, he is needed far worse elsewhere in my opinion.