I believe if you did that for all elections back to 1960 (maybe further), you would find that the idea doesn’t change a single election’s results.
Probably true. I didn't go all the way back to 1960, but for 2000 and 2004, using some quickie back-of-the-envelope calculations we see:
2000 - Bush 302 vs. Gore 236, versus the 271-266 actual split
2004 - Bush 331 vs. Kerry 207, versus the 286-251 actual split.
Seems this plan might be a good way to break the lock that urban areas have on electing our President.