The GOP is DOA. Instead of starting a new party (as many conservatives have suggested), Now is the time for the Conservatives to jump in and take control. Start locally, in the state and work toward taking control of the National GOP.
The big business special interest groups that control the GOP would never let that happen. The GOP is a tool used by big business to further its own interests.
It's a myth that the GOP ever represented conservative values -- not even during the Reagan years.
To preserve the myth, the GOP would occasionally through conservatives a bone, but only when the bone wouldn't hurt big business interests.