"If they do so, and if they hand the election to the Democrats, there could be a real bloodletting among conservatives that could split Republicans for a generation and perhaps even give impetus to the creation of a third party. "
I think creating a viable third party would be a good thing in the long run. 4 or 5 viable parties would be a lot better. People would then have a choice that reflected their views. Choosing between the lesser of 2 evils is not a good way to run a Republic.
I tend to believe the landscape is full of people that are losing their patients with the only choice being the better of two evils.
I personally would applaud a new party, that actually reduces the size of this monster government, reduces this endless, needless spending and once and for all secures our borders and enforces our immigration laws. I personally believe government has grown so large, so encompassing, it's lost nearly all control and just grows and consumes.
LOL! Just look at how well it is working in Germany...France, et al, et al. In fact, it was multiple party politics that got goofy Billy Clinton elected, not to mention getting the communist Salvadore Allende elected as the president of Chile with 31% of the vote.
Be careful what you wish for.