Not if Sarah Palin has anything to say about the matter.
This is actually quite smart of Palin. Because of her credibility with the Tea Party crowd, she may be the only person who is capable to getting members of the Tea Party to move en masse to the ranks of the GOP. And of course, if Palin decides to run for President, this would help her.
Irrespective of that, if the GOP experiences an increase in the percentage of Americans who choose to identify as Republicans, it will largely have Palin to thank.