History tells one that to attempt such is a futile effort. The GOP is a contemptible organization, run by arrogant anti-Conservative Statists.
There will be no widespread "organized" development of a third party.
What will most likely happen is a set of events and a charismatic leader or two intersecting at the right moment in history to cause a massive shift of power and people to a true second party.
Then the likes of Rove, the Bushes, and most of the GOP-e can move to the party of their beliefs -- the RAT party.
The GOP is the only way to take over, we outnumber these frauds. We just need to show up at the local meetings elect chairman that are on our side etc.