God has not scripturally ruled out that foreknowledge is or can be a basis for his election (indeed it appears to be directly tied in scripture to the issue of predestination), yet the Westminster Confession clearly indicates that God's election is NOT predicated on any such foreknowledge and effectively declares such a belief as heresy.
God has declared (in what I believe to be no uncertain terms) that he sent his Son to die for the sins of the "whole world" and yet Calvinism (at least post-Dordt Calvinism) insists that God's atonement was limited and specific only to those who ultimately are numbered as the elect and the atonement (as well as God's love expressed in John 3:16) are limited and specific only to the elect and not directed to the world as a whole.
You are a smart man..you know that there is not universal salvation for the whole world.. or at least I hope you do :)