I'll just address a few issues.
First, there is a difference between being educated and being informed. The people at the time of the Constitution may not have been formally educated, but most made it their responsibility to be better informed about their world. The electoral college had nothing to do with dealing with an "uneducated" populous (for one, only land owners could vote and the vast majority of them were educated or at least literate)... it had more to do with the Founding Father's vehement opposition to pure democracy, which they viewed as one of the worst forms of government. The electoral college was intended to soften the volatility of pure democracy.
Second, you request a "Citation" in reference to my assertion that a person with lots of "4"s would end up being president. Allow me to illustrate.
Population: 100
Each person gets 5 "votes" (i.e. ranking 5 people from 5 to 1 in order of preference) 51 people give candidate A a "5"... the other 49 people give him a 1. Giving him a total of 304 "points" (255 from the "5"s and 49 from the "1"s).
Candidate B only needs to get 64 "4" votes and he'd win.
Now, don't get me wrong, I don't think our current two-party system is very good, but I wouldn't rush to solve the problems by throwing our entire system. First, I'd try to prune off those things that were hastily added to begin with, then once we've pared it down to that, let it work for a few cycles and revisit any problems that crop up, but in a more measured and careful manner.