The Tea Party (should it become a third party) is not new, it's simply another iteration of the State's Rights Democratic Party which nominated Strom Thurmond as its standard bearer in 1948. If formed as a genuine political party, and not a regional one, its populist rhetoric will appeal to those who supported George Wallace in 1964 (American Independent Party) and those who supported Ron Paul in 2008, as well as conservative Republicans.
Personally, I think it would make the 2012 presidential campagin very interesting, especially if Sarah Palin were the candidate for the TP presidential nomination. Imagine the consternation when SP stood at the podium to address the crowd, and everyone in the crowd, supporter and detractor, openly carried a firearm (I'd go, if only to light off a full string of firecrackers and a cherry bomb or two - wouldn't that be a hoot?).
There's something happening here
What it is ain't exactly clear
There's a man with a gun over there
Telling me I got to beware
I think it's time we stop, children, what's that sound
Everybody look what's going down