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Nope. All that would accomplish is to guarantee a Hitlery election in 2016, and Sen. Cruz is too smart to commit political suicide by forming a third party.
What I'd like to see him and other conservatives advocate is that the Republican presidential candidate should be selected only by Republicans: no Rats or independents in the R primary. IMHO, it's largely because of open primaries that we get RINO nominees.
That would take the only remaining satisfying option in elections.
As a registered dim-o-crat I have in the past for Jesse Jackass, Al Sharpie and a plethora of other dimwits in the primaries.
Works both ways.