"At the very least, it paves the way for a legitimate third party canditate."
Actually, there is a historical parallel here for this issue. The Whig Party started to slowly disintegrate in the 1850's because of its internal divisions on slavery. By 1856 enough morally motivated Americans were so disgusted that a new party was formed, the Republicans. Although doomed to failure as a third party in that election (remember President Fremont?) by 1860 people had enough and elected Abraham Lincoln.
Like the Whigs, the Republicans are abandoning the common sense wishes of the vast majority to please their special interests, the ones who write the big checks and invite them to the toney cocktail receptions. If they continue on their current vector (and the immigration debate focusing on granting amnesty and open borders) people will desert them and look for alternatives.
It may take several election cycles (and disgust with the ruling Democrats during that period) but eventually the majority which includes core Republicans and a lot of conservative Democrats who could never ever pull a Republican lever, would find a voice in this new entity.
Let's hope it happens before the other new party, the renamed Democrats in the Partido de Reconquista, take over and rewrite the laws for guaranteeing permanent power like they did in Mexico.
Yep, people don't know the Republican party was a third party in 1852 and 1856. But, the Republican/Democrat Party has rigged the system since then making it harder for the people to throw off the yoke of the political class.