If a third party run is going to be launched, I believe it should be done as an independent and sooner rather than later. There are pros and cons to the idea, but I want to explain why I believe now would be a better time.
Realistically, it seems likely that Ron's numbers will only decrease in forthcoming states. If he continues to finish in fourth and fifth place in all these states, it will only decrease his legitimacy. Waiting until Super Tuesday, if he has not won a state, will bring to question his viability, dampen the supporter base, and be a poor use of limited financial resources.
Also worth noting is that if he intends to run outside the parties, the earliest states (I believe Texas is first) have their process begin in March. We would need to reorganize, reorient, and recalibrate the message altogether.
That said, I think such a campaign, whether successful or not, if run with vision, boldness, and optimism, could succeed. The campaign would need to show something a hell of a lot more inspirational. The grassroots would need to curb its worst excesses and run to win instead of running for fun. And they would have to work together seamlessly, bringing the message of liberty and freedom (not all the little side issues) to the people.
If you do that, you could change everything.
I don't know if it would be won. But, it would be worth fighting. And honestly, since we've already had comments pissing off every major constituency within the GOP, it might not be a bad time to consider moving on. Take a step back. Let them fight. Save their resources, and get ready to run.
Lastly, I think Ron should take a note from Washington's Farewell Address, blaming the problems of our country on the corrupt parties, and perhaps use that as a means to galvanize support amongst independents, which would be our bloc.