During the pre-Palin days of the Tea Party Movement, the idea of a conservative third party was often discussed. Since the Tampa Purge of 2012, many have revisited this idea, most recently Judson Phillips of Tea Party Nation.
A third party dedicated only to freedom and limited government has been attempted several times, and we do have the Libertarian Party and the Constitution Party, though like the Green Party, they have been restricted to local politics, and often lack ballot access.
This period of American history is marked by a large, oppressive, and violent federal government. We have many factions within the Republican Party that are fighting each other to gain more control over the others.
The Republican Primary of 2012, possibly the most bizarre primary election in the history of the United States, featured deliberately ignored districts, intimidation and blackmail of delegates, physical assault against delegates, "secret caucuses", fraudulently detoured transportation, obvious plants in presidential campaigns, strangely dismissed court cases, and much more horrible things we will probably never know. In addition, our elected delegates in future primaries and caucuses can now be replaced, at any time, by the Republican National Committee.
As a result, many are again questioning whether we are better off in a third party than fighting at all. Neocons want nothing to do with anyone who won't obey them to the grave, and this includes all free-market libertarians, religious conservatives, and all similar groups that find common ground in the Tea Party Movement.
Starting a Third Tea Party is a very bad idea, and will cause freedom to dissipate and die into a medieval America built on endless wars, dumbed-down schools, illegal immigration, and socialist national health care.
However, it does not have to be a bad idea. Many state and county divisions of the Republican Party are increasingly frustrated in their fight against the neocons. By having their own "secret meetings", it would be very easy for entire state parties to "secede" from the national Republican Party and form a Third Tea Party.
With entire states and counties gone, the Republican Party loses its presence. Neocons then have to spend the money not on weapons and wars, but on rebuilding the Republican Party - money, manpower, lobbying, propaganda, and more. For their presence has just vanished from a state with only two parties on the ballot: the Democratic Party and the Third Tea Party. If the Republican Party is not successfully re-created in that state, there will be no possible Republican vote from that state in any national election.
Unlike, say, a state Libertarian Party struggling to stay on the ballot, the Third Tea Party will already be on the ballot, and have most or all of the funding, politicians, lobbyists, votes, and resources the state Republican Party used to have.
A Third Tea Party would have no room for the neocons who attempted to destroy it. The only financially viable option for the neocons would be to bail and join the party of Big Government, that is, the Democratic Party. From then on, there would be a new two party system - the Tea Party, which would support freedom, and the Democratic Party, which does not.
It is dangerous for the Tea Party to attempt to start a new party. It would be divisive, devastating, and throw America to the wolves. It is possible, however, for liberty-minded states and their Republican Parties to "secede" from the national party. Either way, all those involved in politics must remember that America is not built on the Republican or Democratic Parties, but on the Constitution.