On the drilling thing we'll just have to agree to disagree. What you said is correct, but I still think drilling is a good idea.
Did they really still get the $400M? Source please.
Alaska fiscal year 2009 budget is 13.6 billion. 400M is a small amount, about 3% of the budget.
90% of Alaska's money comes from oil taxes. Take a look at the following chart:

When Palin took office, oil was at about $63/bl. Now it's about $98/barrel. It stands to reason that funds available for spending increased by about 50% also... that's why Alaska's in the black.
Palin is in control on the spending side. Revenue has little to do with her actions and everything to do with the price of oil, which no one person is responsible for. With regard to spending, I think Palin is a "spend and don't tax" conservative, as opposed to the real conservatives in the past, who cut taxes and spending simultaneously. It seems irresponsible to continue such policies.