I see no evidence that is possible without the threat of losing conservative votes. Heck, we might as well "take back the Democrat party" while we're at it, as long as we're just fantasizing.
How could you lose conservative votes by voting for and electing conservatives?
For instance, let's say JD Hayworth challenges McCain in the primary. We should make sure JD wins, because he is a big improvement over McCain and a more reliably conservative.
From the Limbaugh Letter, Dec. 09, Rush's interview with Sarah Palin (excerpted)....
Rush: And according to your book, despite how you were treated by some Republican insiders, you clearly are a Republican. You want to revive the Republican Party. You said this: "I am an independent person who had the good fortune to come of age in the ear of Ronald Reagan and Margaret Thatcher. I am a registered Republican because the planks in the Party's platform are stronger than any others upon which to build Alaska and America. I disagree with some of the characters in the Party machine, but the GOP stands for principles that will strengthen and secure the country, if they are applied." Amen. Therefore, do you worry about the rumblings that I'm hearing about going to a third party and abandoning the GOP?
Palin: That's not a practical thing, I think, to consider. And maybe it will disappoint some people to hear that from me. But I believe we should hold out that hope in our own GOP and understand that, if the principles are just applied and lived out, the Party is going to be fine.
Me: I'm with Sarah!! FIX the party that can actually return conservatism to power. Any third party idea is folly. Stupid. Giving long term power to the dems. BAD idea.