That's the first cycle. The second cycle, IF the GOP can learn not to be the "STUPID PARTY," is that the Pub will say "not only can you keep your MJ, but I will cut taxes and throw out lots of other stupid red tape laws." And the LP would have served its purpose, being pared down to enough zealots to fill a phone booth.
No, as we've seen just the opposite.
The Republican will offer as much libertarian meat as he can and the LPs will still demand the legalization of crack.
When they don't get it the LP will go back to campaigning for Dems.
After all, the LP knows that the Dems agree with them on the single issue they care about - pot.
I'd have to say, there isn't a single true libertarian left in the LP. Not one.