Rebalancing the EC without addressing the widespread use of First Past the Post Winner Take All system used by most states would not do much.
Currently it is perfectly possible to win the entire EC minus 2-3 states with less than 50% of the popular vote.
Unfortunately, that kind of rebalancing has zero political support. The National Popular Vote Interstate Compact, while not as good a solution in my opinion as it doesn't fix the underlying problems with citizen representation, is probably more politically feasible in terms of fixing presidential elections.