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>> ...the LP is that it has distorted itself to appeal to the only group willing to vote for it in large numbers - stoners in college...

I dunno about that - stoners aren't reliable voters.
Libertarians are often first associated with their position on drug laws, particularly marijuana laws.
Early in my political awareness, I bought into that narrow view and didn't really pay much attention to all that they stood for (and we're talking way back in the '70s here).
Over time, I learned more about the philosophy they are following and liked it for the most part, but still didn't like the bit about the drugs.

But now as I've witnessed more of the reality that is life, I've come to realize they are mostly right about drugs too. And to be quite honest, I vote Republican over Libertarian only because the Libertarian seldom has a chance of wonning, and I can't stomach the idea of contributing to a Democrat's election. I don't think LP's slim percentages are a problem with the ideology so much as with things like money and exposure.

There's a message for Republicans when they lose by margins slimmer than the Libertarian candidate's percentage, though (as happened in the Oregon Governor's race just last year). I haven't yet voted Big L over GOP, but I gotta tell ya, with the GOP we have in this state, with the results I see every day after 8 or 9 years of GOP control of our legislature, I honestly don't think it would have made much difference.