There are three initiatives now circulating for signatures having to do with electoral votes; none have yet qualified (but if they get enough signatures, they will be on the June ballot). Two are similar to this New Jersey plan (#1281, #1282). The other (#1268) is as you describe, where EV’s would be allocated by CD. This latter one is being bankrolled by the Giuliani gang, the former two by the Democrats.
http://www.sos.ca.gov/elections/elections_j.htm#1277
Actually, I favor the allocation by CD plan and hope it makes the ballot (where it will lose, big time).