Possibly. The whole story isn't told with just what I wrote above, that could get lengthy. Just as there should be a more stringent criteria to decide who can vote, there should be one determining who can run for office.
A direct democracy is ultra complex and leaves too much of a margin for abuse, more than a properly-done republic.
That said, the ideal form of government would be an enlightened oligarchy with a benevolent set of leaders. You just can't guarnatee that the successors will be as just and good, and that's why authoritarian governments always collapse. What the USA has right now is really no better than mob rule, and is far from just. What I really think about the Electoral College is that it is trivial and merely a symptom of a larger problem, that we need a new Constitution enumerating a new government.
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