The problem you've got is that there aren't enough Americans who satisfy your definition of conservative to support such a party.
The painful reality is that the "GOP Elite" didn't cast all those votes for Romney. Lots of regular Republicans did. If a conservative majority truly existed, Obama wouldn't be the President, and Romney wouldn't be the nominee.
Personally, I think our best chance of success is to keep fighting within the party rather than marginalizing ourselves by moving out. But that's a choice we'll all have to make as individuals.
That has to be one of the most intelligent posts I've read on the subject.