What is the likelihood, and consequences of, the Populist Party largely being absorbed (with the exception of a few stragglers) into the Republican Party instead of into the Democratic Party as IOTL?
How does this affect the party platforms of the Democrats and Republicans going into the Progressive Era? Could it lead to an earlier realignment of the American Parties along ideological lines?
Would it help the Republicans to penetrate the Solid South and gain a foothold? IOTL coalitions between Southern Republicans and Populists were able to make some headway, at least in the border states, but fusion with the Democrats scuppered it.
Would this have a major effect on the struggle for Civil Rights? If the Populists help give the Republicans a foot in the door to the South then they have both an incentive to push for Civil Rights to entrench that position, as well as a stronger political base to fight for it.