In the beginning the vice president was the one who came in second regardless of party. Today's democratic party is controlled by the rich socialist pigs." We wrote it that way so the stupid Americans couldn't understand Obamacare." Bastards!
It's doubtful Ted Cruz would be a Senator under that system. I think the current systems makes Senators more accountable to the people, allows for people within the party to challenge the incumbant, and makes possible blue states in the NE to flip to Republican. Yes it would be nice if the states had more Constitutional power, but under this current messed up system the best chance we have at reform is through the popular vote of rogue senators and congressmen.
If a well heeled & $$$$ group wanter to rig the electoral college, I don't think it would be difficult to effectively buy the votes in states which don't mandate which way an elector "can" vote, changing the results.