No, Colorado voters defeated a proposal to do that. Even if it had passed, it would not have been legal to apply it to the 2004 elections, because the election for it was simultaneous with the 2004 presidential election. Federal law states that the method for a state to select its electors must be in place a certain number of days prior to the selection date of the electors (general election day). I'm pretty sure the requirement would push back the deadline to that number of days prior to the sending out of absentee ballots.
Actually, Colorado's proposal was quite different; it would have awarded electoral votes based on the national popular vote.
... such determination shall have been made at least six days before the time fixed for the meeting of the electors ...