is this what you have in mind?
Seems a little complicated.
What I have in mind is something like this:
Say there's three candidates-- Smith and Jones, from the two major parties, and Hutchins, the dark horse independent. You really like Hutchins, but would rather be poked in the eye with a sharp stick than see Jones become president. You vote for Hutchins, who get 10% of the vote. Jones wins with 46% of the vote versus Smith's 44%. Bummer. All your vote did was help Jones get elected.
But if you get to tell the voting machine that Smith is your second choice, then when Hutchins loses your vote is reapplied to Smith. If all the people who voted for Hutchins also picked Smith as their second choice, which is likely, then Smith now wins with 54% of the vote versus Jones' 46%. An outcome that more reflects the feelings of the electorate.
With the Electoral College, electoral votes are apportioned by population, so more populous states have more power and much campaign strategizing is built on winning certain states or blocks of states. Worse, this creates Red States and Blue States and discourages voting by the opposition. If you're Blue and live in a Red State, then you're more likely to not bother, and vice versa.
So if we abolish the Electoral College and institute the ranking system, people are not only more likely to vote, but more likely to vote for somebody who's not a Democrat or Republican. That way, we might someday have an election where the people win, rather than some multi-million dollar ideological corporation.