There was also that Slavery\Civil War thing on the horizon. Not a valid comparison!
The Civil War wasn't anywhere near fruition in 1854, or on anyone's mind when the Republican Party was organized. They were against the spread of slavery to the west, and knew they wouldn't have the support of Southern Democrats at that time, yet they still forged ahead, and put up their own candidate for President. The Party organizers must have thought that despite Fremont losing the 1854 election, that it was worth trying again in 1860. Thankfully, they didn't just pack their bags and gone home.
“There was also that Slavery\Civil War thing on the horizon. Not a valid comparison!”
Unless, of course, there is presently a civil war on the horizon.