It's a shame Ross Perot didn't win in 1992 as then you would have 3 parties to choose from than be stuck between two sides.

As onetruephilosoraptor said, viable third parties cannot exist in first past the post systems. What would happen to the GOP is what happened to the Whigs; everyone would leave the GOP and the Reform party would be the same as the GOP, with the same people. Once the Republican Party expanded past its roots as a mostly irrelevant abolitionist party, it became a clone of the Whig Party as former Whigs flocked to it.