Dear Dr. Mike;
The LP as you noted could be re-named as the "Tango Party " - just like the dance - one step forward and two steps back. And a one and a two ...
However, based on politically imposed mandates in Californai as an example to be "recognized" as a political party by the State of California we would need to get some 100,000 new registered voters as the Boston Tea Party party to get "State recognition".
Although if we had the funds I'd love to see that mandate challenged in the State Supreme court as a deliberate legislative defacto disenfranchisement of residents of the state of california to prevent any third parties from forming and challenging the hegemony of the two party system.