Douglas E. Schoen published an opinion editorial on Politico today entitled “Time for a third party“. His suggestion is that the tea party is best suited not as a pressure group or subset of the GOP, but as a third party:
Crist’s words suggest what could fix this problem: the formation of a third party.
This new party must embrace all Americans’ concerns. It can do this drawing on the general disaffection with government — specifically to out-of-control spending and the burgeoning budget deficit and national debt.
In a certain sense, we already have a start in the tea party movement – despite the fact that virtually all its leadership rejects the idea of starting a new party, and few, if any, of its supporters call for one.
He also cited several polls which support the idea that a third party would be viable and polls which show that generic tea party candidates would place second behind Democrats in congressional races.

I think the tea party movement could form into two parties, but not one.
I think I wrote about this very thing: http://www.amconmag.com/blog/2010/04/10/a-tory-party-and-a-tea-party/