re: Is there any real chance for a third party to emerge?

Yes. But it will replace the system itself. Somewhat of a paradox.

A third party should stem from and be tied to a convention of states. We desperately need to reel in federal spending and reset the power balance in government.

The legislative branch makes the laws
The executive branch enforces those laws
The judiciary interprets them.

We should be governed mostly by our local and state governments. The federal government is there for national defense and interstate disputes.

This business of executive orders and judicial mandates and 10,000 page bills no one reads and an absolute complete lack of care or understanding of local politics is what has destroyed this country.

The surrender of our individual rights, local powers, and state autonomy to national federal parties and politicians is as anti-American as it gets.