Earlier quoted context omitted.
Not quite. The EC (along with the 3/5 compromise) was designed to protect the interests of slave-holding states, while also avoiding direct election of the president (ie, the people were too stupid to elect directly). And now, instead of tyranny of the majority, we have tyranny of the minority. Due to capping the number of members of the House, those small-population states have disparate impact on federal issues.
Post-Civil War, it also incentivized voter suppression. The southern states benefited from emancipation, insofar as they gained seats in the house and electoral college (they got a 5/3 multiple on their prior proportions, which had only narrowly elected Lincoln pewar). This redistribution of postwar power led to the disaster of 1877 https://en.wikipedia.org/wiki/Compromise_of_1877 , something we're still grappling wi…
You've just taken all the complexity of counting people every 10 years and rejiggering the numbers, and now made it nightmarishly more complex given that you're transitioning into that system in the first place.
Furthermore, you're over emphasizing the structural elements (net representatives votes) instead of the important bit, that everyone has an ear to tug to get something listened to up high. You're entitled to an input. Not to skewing the structuring function to optimize for voter population density, neither directly via tinkering with the effective representation calculation, or indirectly via the change you suggested.
It's not a terrible idea to be honest, but there is a degree of simplicity to the way we do it now, and I have the feeling yours would be a hard sell to the average American, or even the above average ones without substantially more in detail analysis.