Anyway, I don't see what difference federal funding would make. They're still not going to have a chance at winning or meaningfully affecting the policies of the major parties. In the unlikely event they do manage to win, it's basically mathematically guaranteed that they'll just displace one of the other major parties and we'll be back to a two-party system again. This is, of course, what happened in the mid 19th century when the Republican Party displaced the Whigs. There's no way around it in a first-past-the-post system. If you want third parties to be viable (and I sure do!) then you need electoral reform, not protest votes.
A third party doesn't actually don't need to win. If a candidate does not receive a majority in the electoral college I believe the house / congress decides[1]. This would also pretty much destroy both parties - they will have to compromise and come closer to the middle.
[1] http://www.archives.gov/federal-register/electoral-college/a...
PARTY CONVENTION AND GENERAL ELECTION GRANTS The presidential nominee of each major party may become eligible for a public grant of $20,000,000 plus COLA (over 1974). For 2012, the grant was approximately $91,241,400 for each major party nominee. However, the two major party presidential nominees in 2012 opted out of the public financing program in the general election. Candidates themselves may not raise any other funds to be used for campaigning during the general election period. The general election limit for publicly funded candidates for 2016 is $96,140,600.
http://www.fec.gov/press/bkgnd/fund.shtml
Also, why can't I reply to siblings of this post?