The LP missed their big chance in 2008 and 2012 to make giant progress.
One of the most important things that Ron Paul did after he lost the 2008 nomination was to try to call the Libertarian, Constitution, Green, and Nader parties together and unite them on the 4 top issues that Ron had prioritized in his own campaign.
The RP Love-o-lution happened for only one reason: Those 300,000 quality activists mentioned above realized that they had an opportunity to get their ideas on TV and into the culture like they never had before.
In 2008 the New Hampshire Libertarian Party nominated (drafted) Lt. Col. Karen Kwiaktowski for Vice President. She declined the nomination, but it made me realize that by far the best thing that the Libertarian Party could have done in 2012 was to change their rules to allow drafting a candidate running for another party's nomination (even without his consent ala Karen K) with a provisional candidate should the draftee decline. They then could have nominated Ron Paul and leveraged massive amounts of Love-o-lutionary publicity for the LP provisional candidate.
The LP could still do this in 2016 if there was a Ron Paul caliber candidate running which there isn't.
The 300,000 activists know that a candidate that will actually say no to the generals and the bankers will never be allowed to run. The whole point of such a campaign is to shine a light on the extremes they will go to and crimes they will commit in order to stop genuine opposition.
Its true that despite Rand's assurances to the generals and bankers that he will continue to be frightened by TV and do whatever they say in the end, the generals and bankers would resist Rand every bit as much as a Ron Paul caliber candidate just for the practice. But, the enemy of the generals and bankers is not necessarily the friend of the 300,000 activists and will not inspire them to activate like they would for a genuine Ron Paul caliber candidate.
So, with a Ron Paul caliber candidate running for the republican nomination in 2016, some historical insight, and a little imagination, the LP could join and help revive the now dormant Ron Paul Love-o-lution.