Was I right or was I right? ;-P
A new party to the right *is* being formed (here follows countless sources...):
Party Website: Reform New Zealand Care - Choice - Confidence
Scoop: New Party seeks “thinking” New Zealanders
NBR: New right-wing party formed
New Zealand Herald: New right-wing party now shopping round
Matt McCarten Far right sneaked new party in under radar
The question to ask is... "what now?"
Between National and ACT is there any space for a party to the right of center?
I highly doubt it. Especially as they're still lacking a visible and strong leader.
However it is within the realms of possibilities, as you just have to look at how well the Christian Right has done in the past (yes, they've always failed to get elected but have came very close once or twice).
Thus I think their best shot is to angle for the Christian/Conservative vote. Those people who are dissatisified with the blandness of National, but are uneasy with some of ACT's social policies (pro-gays, pro-drugs, etc...).