There's really not time to get someone else on the ballot in enough states for that to work. And that's assuming this hypothetical alternative candidate will win several states.
Ask yourself, if you were a Republican who honored genuine Republican values (and those are not so terrible, even if that might be heresy here) who is currently horrified by Donald Trump as your party's nominee. Will you vote for him because he's a Republican? Maybe. If the party elders revolt and nominate someone else, will you vote for that person? Maybe.
And if the party elders do revolt and put up some other person for the Presidency (and they'll need a VP nominee also, don't forget that), then under what banner will those two run? Donald Trump is the official Republican nominee. Will they say there's now a Republican 2 President and Vice President? Or will they declare another party altogether which would bring up lots of problems about getting on the ballot in many states.
Nope. They're stuck with him. And they have to decide just how strongly they want to support him, or if they want to pretend he's irrelevant and work on the down-ticket races.
In reality, in any election year, the likelihood of the election going to the House, while mathematically possible, is highly unlikely.