The electorate desperately needs the Labour Party to split as part of a wider political realignment, with the right of the party forming a new centrist coalition with the Lib Dems and disaffected 'One Nation' Tories.
I think the formation of a new party along precisely the lines you outline would be attractive to a decent chunk of the electorate and it's even quite likely that the right of the Labour party would want it to happen, particularly if Corbyn remains leader. It's a big ask to then expect that the LDs and disaffected "One Nation" Tories would join them. It would be a seismic shift in UK politics - a single party in the (perpetually shifting) "centre ground", with Labour and the Tories sitting on the Left and Right respectively. Seismic shifts are pretty rare in parliamentary democracies - but the conditions currently are just about perfect for such a shift to happen. An interesting idea.