I can think of better names...
Constitution PartyI'm sure there are many others.
In a mature political system such as the United States, new parties are often formed when disaffected voters of a fractured major party migrate to an existing third party. It's happening in the Democrat party between "liberals" and "progressives".
I favor the name of "Constitution Party" as someplace for unhappy Republicans to migrate to. It's already an organized party, and it's registered with the FEC and in many states. "Constitution" has an attractive ring to it for many of us TEA party conservatives.