Considering that most good conservatives are already pubbies, why not reform the party. Third party is a ticket to nowhere. Ask Patsy Buchanan.
It would be a forced reformation at best. Those at the top don't really care for us "huddled masses" just like the Dems we're a means to an end. My experience with grass roots stuff has really disillusioned me. We're treated like an annoyance at best and treated like whiney kids by the folks in office usually. "Sure lil' Johnny, i'll think about taking you to Chuckie Cheese if you vote for me next year" That's what i felt like when I'd call thier offices.
Term limits, and The FairTax, that's about the only good answer I can think of.