Already is. It's called the Constitution Party (even though its tenets have little to do with that document). They pull off the difficult task every four years of getting even less of the vote than the Libertarians, and have NO elected officials to their credit.
"I haven't seen your planet yet, but if your script becomes reality, the noveau RINO sell-out pragmatists will have shrunken the GOP to half it's current number in order to co-opt the so-called "social liberal/fiscal conservatives."
Not if the Constitution Party is any example. Fact is, the portion of the GOP that holds abortion as its number-one issue is shrinking steadily. And don't make the mistake that it's going away for good...it's being replaced by those Young Turks NC speaks of as the older generations retire from the field.
As is their wont, many RINOs underestimate the emotional fallout from compromising on traditional "social" issues.
Most social conservatives within the GOP feel strongly about three things:
1) Life
2) Gun
3) U.S. Sovereignty
If ANY of the three are messed with OR compromised, I can assure the RINOs that the GOP will take on major water.
The Constitution Party -- should it become the political vessel of social conservatives -- will glean from the influx prodigious energy, financial, organizational, and logistical support that WILL enable it to be a major force.
The OTOH, GOP would be decimated by this jumping of ship.