If the choice boils down to throwing away conservative principles, and getting less votes from "this demographic"---YES.
Reagan got less votes from Hispanicss and managed to get more from other demographics (remember the "Reagan Democrats"--those folks are still out there).
No--the answer is to go BACK to those conservative principles, not become more like the Democrats.
Because there were less hispanics in the country in the 1980s. You can’t afford to “toss off” all Hispanic voters in the US. There are no more untapped pool of white evangelical voters to get.