A managed conflict of interest is a conflict of interest. Whether it is an excessive conflict depends on how transparent the management is, and is ultimately up to each person to judge. But in Vermont, avoiding any hint of such conflict might be impossible.
For much of the national political press corps, obsessed (if hardly fond of) the former first lady, this campaign is about Hillary Clinton. At least on the Democratic side, everyone else is merely a bit player surrounding the long-running (about a quarter of a century now) soap opera of her and her family.