More akin to when the Reform Party of Canada was formed in dissent to the governing Progressive Conservative Party because of the PC establishment continuing to drift further to the left on numerous policy issues. In the 1993 federal election the PC Party was reduced to 2 seats while the Reform Party took 52. In 1997 it was 20 PC and 60 Reform. In 2000 it was 12 PC and 66 Reform (renamed the Canadian Alliance). The PC party eventually was absorbed into the Canadian Alliance to form a new Conservative Party which has been in power since 2006.
The bottom line is that the conservative/Tea Party wing of the Republican Party is the dominant force within that party. A third party could relegate the Republicans into 3rd party status and keep them there. The cost will be a succession of Democrat victories until the civil war comes to a conclusion, but it may be the only way to effect real change in Washington in the long term.