No it wouldn't, because the process could only be triggered by a Supreme Court ruling. Whereas now the Supreme Court has the power to amend the Constitution without the consent of ANYBODY.
Given a choice between the two scenarios, mine is infinitely preferable in terms of saving us from tyranny, because at least the final decision makers are answerable to the majority of the people -- without having our laws created by the tyranny of a plebiscite.
And you haven't explained what would stop the Supreme Court from ruling the Electoral College invalid tomorrow as I have suggested. If your answer is: "Trust them, they wouldn't do it," forgive me if I don't take you seriously.