They don't have to moderate on anything, save one: immigration. Many hispanics are socially conservative, and many of them are fiscally so as well. No party in history has shot themselves in the foot as much as Republicans have done with the hispanic vote. They are almost a 'natural' constituency for them.
They'll figure it out and listen to people like Rubio or Jeb Bush. Once that happens, I don't see how they have to change anything else to be competitive again.