Personally, I think some states are close to center, some are further left and others are further right. Rather than splitting the party and the vote share, we can grassroots organize, get signatures for a ballot initiative, and change the voting system away from First Past the Post. Our voting system is what ultimately prevents viable alternative parties from appearing and is causing the “safe incumbent” neoliberals to win out over “risky” progressive picks since people only get one vote and they don’t want to have their least favorite candidate win over their favorite and their safe choice.
Organizing now matters a lot. If we change even a few more states away from First Past the Post voting, like we did with Alaska and Maine, then third parties will have much more stable ground to actually form and win elections on the state and federal level. I still think supporting incumbents in many cases make sense until we act to change the voting systems. Although rallying around potential candidates which are pushing for change can make a difference in some races.
We can try to change the voting system on the county level and city level if trying to get the state as a whole to change has not been working in your state.