Interesting idea, especially with regards to altering the course of either the January or December 1910 General Election to allow the Liberal Party a chance to recover while in Opposition.
In fact, to do that, you only need to swing One Seat from the Liberals to the Conservatives in the December Election and you've got the Conservatives as the largest party in terms of seats. Which could put them in power during the War Years if WWI proceeds as per OTL, leaving them with the fallout while an unstained Liberal Party can take the reins of Government later on.
Other things that can help their fortunes are avoiding the Cash-for-Peerage Scandal that aided in their Downfall (far from the only cause, but one of them), alongside having them reform into a single party in 1918 instead of one faction remaining in coalition with the Conservatives, which IMHO was a Monumental Strategic Blunder on the part of David Lloyd-George - although these two are dependant on the Liberal being in Government from 1910 onwards AFAIK.
Exactly.