Sure, but it's still early on, and it's just the primaries. Reagan came out of nowhere to almost take down Ford in 76, despite the "realist" was for Ford.
Now I probably wouldn't vote 3rd party in the general election, but the threat being there helps prevent Republicans from becoming Democrats.
Reagan was always considered electable. He had just missed the nomination years earlier. I would never suggest voting for someone just because they're electable....just not voting for someone who obviously isn't.
Tancredo running as a third-party candidate would scare the bageebees out of the republicans since they are well aware of what happened to them when Perot ran. I thin they'll be wiser this time and make nice with Tancredo.