At this point I think Theo is more likely to kill himself in his chase for power. However I think that for most of season 4b he seems to have acted like Derek did back in season 2, separate pack and other methods but same enemy. Kinda hope he will return next season but as he killed Scott, a cardinal sin, I think he'll get killed off somehow.

Anyway... yeah I like that idea of yours. Should I make a comment or you?