I can’t imagine him doing so.
As a practical matter, of course, Tancredo never had a chance, and he'd end up throwing good money after bad if he stayed in.
Whether he actually drops out depends on whether he can keep a lid on his ego. His ego has led him to be a long-term loudmouth with no chance in the Republican race. I wouldn't be very surprised if he tried to become an "Immigration Reform Party" candidate....