That theory has been advanced by a lot of people to support the Republican party. The problem is that there is no reason to believe it's true, there is no evidence to suggest that the goal of Star Wars was anything other then the stated one.
That it happened to bring down the government of Russia accidently was nice, but not a good reason to support those people now. More over, their history in South America is a good reason not to support them. In South America they did stop the communists, but they also stopped the democrats and all other reformers.
As for Saddam supporting the radical Palastinians, AFAIK, the only thing he has done is give money to suicide bombers. Not a good thing but mostly a publicity stunt to build up support among Arabs.
Jay