"Any suggestions about something similar as an alternative, even if it exists as a protest movement against the Republican party to bring it back to its senses?"
Unfortunatly not. But shortly someone will come along and offer you the Reform Party with Ross Perot as the example of the "peril" of voting 3rd party.
(Never mind a lot of Reform Party people voted Bush II after 8 years of Clinton)
Too bad there aren't a handful of "big name" conservative Republicans (the likes of George Allen or Mitt Romney) with enourmous wealth who could break away from the Republican party and form a Conservative Party or a Conservative Coalition within the R Party to give great credibility, leverage and financial backing to true reform that would make the darn government start acting like they work for us for a change.
Somehow, Ronald Reagan and the conservative movement actually started to achieve this when he rose to power. Ironically, things started to go bad when the R's got control of Congress. Sure, they accomplished some good conservative goals, but for the most part they have gone completely native in that cesspool of corruption, fecklessness and profiles in cowardice.