This would not really change the two party system. All it would mean is that you genuinely need a majority of votes and not the majority of a weird convoluted combo of states.
Introduced in 2006, as of August 2023 it has been adopted by sixteen states and the District of Columbia. These jurisdictions have 205 electoral votes, which is 38% of the Electoral College and 76% of the 270 votes needed to give the compact legal force.
Instead of tilting at the windmill that is removing the EC how about we do something much easier and simpler and simply expand the House of Representatives? Not only would this add votes to the EC and make the Presidential Elections more representative it would also, you know, make the HoR more Representative! For extra fun it would also diminish the returns of gerrymandering since there would be so many more districts.
All we need is a change to the Re-Apportionment Act of 1929. There is no good reason that the size of the HoR is fixed at 435. None.
In 1929, each representative represented about 283k Americans. Now each representative represent about 762k Americans. That's almost a 300% increase. This means each American's voice is only about 1/3rd as powerful as it was in 1929. To have as much political power as they did in 1929, we'd need about 1200 Representatives.
And yet, having more representatives fundamentally reduces the power of each as well. Your vote is fundamentally worth less as the population increases. Something you're just gonna have to come to terms with.