As a political moderate, I would support a radical restructuring that involved the merging of the conservative elements amongst the Populares and Regional Protection Party while the moderates of those two parties and the JCP formed a third party. In practice, keep it as is. Three parties are more interesting as two and neither party is hurt by the existence of a second conservative party so long as they agree to always second preference the other party's candidate.
Though liberal vs. moderate vs. conservative is a pretty thoroughly tried breakdown that has consistently led to really boring elections, since the liberals & conservatives will both clearly prefer the moderates to each other & a moderate declaring for any office usually managed to avoid having any opponents. One party breakdown that could be very interesting would be liberals vs. populists vs. conservatives vs. libertarians.