A “Democratic-Republican” new party help?

Might the creation of a new political party in the U-S help lessen the fundamental differences between Republicans and Democrats?  A man in Walhalla, frustrated that Democrats and Republicans, so often disagree sharply on important issues, wonders if a solution could be Democrats and Republicans who think similar create a new party called the “Democratic-Republican Party”.  In the country’s early years there was such a party, but it soon collapsed.