Glenn Reynolds seems to think so. Of course, the Tea Party movement doesn't have to do all the things the Republicans and Democrats need to do. It's a lot easier to be appealing when you aren't sitting in any positions of power. It's all free speech and reaction to what other people are doing.
By the way, I wonder how many people think "the Tea Party" is the name of a political party. Right now, you have to refer to "the Tea Party movement" if you want to talk about something more than an individual rally. (I think!) If it actually became a party, would it be the Tea Party Party?