It's not a new party we need: we need to remove 75 percent of the incumbent Republicans in the Repulican primaries, but we cannot get candidates with stature to challenge the do-nothing incumbents.
Which is exactly what a new party is for. For example, had conservatives voted for Clymer instead of pulling the Republican lever for The Specter, we wouldn't have to be trying to accomodate The Specter (who opposed Bork) on O'Connor's replacement.