In the scenario you describe, with 37% voting Bush 1 and Perot 2, and 19% voting Perot 1 and Bush 2, Perot would be eliminated and Bush would win in the final round of counting with 56%. (Other candidates receiving 1% of first prerefences between them would be eliminated before Perot.)
Then again, I suppose that not everyone voting for Perot would have had Bush as their #2 choice. Plus, a number of Bush supporters didn't like/trust Perot, especially after he backed out, then reversed himself and restarted his spoiler campaign.
Yes. In reality it might have been more complicated than I suggested. And maybe I read more into your comment than I should have. I do think IRV would have been an improvement over FPTP in the elections featuring Perot and Nader, though.
