That's not happening. Past 1984 he will have younger ideological heirs like Clinton, Nunn, Gore and others to claim the DLC mantle, so if he doesn't win before then he'd invest in them.
Well Reagan also ran for at President (for the third time) in 1980 at 69. But would RFK as the Elder Statesman of the Democratic Party keep it more "Blue-Dog"? How would he think of the new Republicans like Gingrich?