Interesting times! If the Conservatives choose somebody like Patel, Braveman or Badenoch, they're putting a marker down about the direction they're going in. They might bring back some Reform voters back into the fold, but I doubt if they'd attract "traditional" Conservative voters. If you look at a map of the results, much of the south west and south has voted for the LibDems, which presumably means they reject the hard-line Conservative approach to issues such as immigration.
Reform is strong in what used to be "traditional" Labour areas and some coastal enclaves. I wonder if we'd end up with Conservatives in Labour areas and something else (LibDems or even a rightish Labour Party) in more affluent areas. It could mean that the parties swap their voters.
I haven't done the sums, but I wonder how many votes in total Reform and Conservatives received because that would give some indication of how successful a Conservative Party with a Reform agenda would be. The Conservatives lost votes to both Reform and LibDems, so they might need to look at how many votes they would receive if they headed towards a more "one nation" approach. The trouble with this last election is that there was so much tactical voting that it's difficult to know whether people really voted for the party they preferred.
I have no idea what they'll decide, but it will be interesting to watch.