It could be improved by getting rid of the electors and awarding votes by congressional district. One vote per congressional district carried plus two more for carrying the majority of a state's districts or winning the state's popular vote if there's a tie in the by-district tally.
That would eliminate the faithless elector problem.
More important, it would firewall electoral fraud and reduce the influence of urban cesspools. Consider Indiana. Once the 'Rats mange to stuff in enough fraudulent votes to steal Districts 1 and 7, turning out additional deceased Gary and Indianapolis residents wouldn't help them steal the state. Instead, the other seven districts would go GOP, resulting in 7+2=9 electoral votes for the GOP and 2 for the 'Rats. In the current system, if they can stuff enough votes in Districts 1 and 7 to swing the state's popular vote, they get all 11 electoral votes and screw the farmers out in their corn fields!