Decent sized third parties have a descriptor: spoiler.
That's it. To the extent the TP is conservative (smaller, less intrusive federal government, they standard since Washington and Jefferson), they will simply cause democratic victory. Democrat supermajorites can result in things getting so broken they cannot be fixed (same can happen in the other direction).
A large 3d party IMHO means 1-party rule on the side most against the 3d party.
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