This brings me to often wonder if the two-party system of the US is obsolete, along with institutions like the Electoral College which exist only in such a system. I see lots of rocks being thrown back and forth (talk radio being a literal quarry for those stones) and nearly no discussion of the system itself.
Realize that, first of all, the system was designed to protect the interests of wealthy landowners, many of whom also held people as property. It was designed to make change difficult. The aftermath of the Civil War introduced some modernization to the system but even then there was a concerted effort to try to maintain something resembling the former status quo. The American Revolution was a "revolution" of wealthy property owners, after all.
While the two existing major parties date to the Civil War, it's the outward forms that have been preserved. The actual policies and priorities have changed over time. Recall that, until the New Deal, it was the Republican party that appealed to Black voters. If Abraham Lincoln were alive today, I think it's fair to say he wouldn't be a Republican.
Then there are the origins of the present American political - and legal - system. It's based on British common law, not explicit instructions as in a Napoleonic system. Politics in such countries tends to coalesce around two major parties with a possible third party as an occasional "kingmaker" and/or a third party focused on a specific national or ethnic issue. Examples include Canada (Liberals, Conservations, and the NDP as the third party), the U.K. (Labour, Conservatives, with the Liberal Democrats as the third party and the Scottish National Party specific to Scotland), and Australia (Labor and Liberals [more like conservatives in the American sense]). New Zealand is somewhat more complex, and also has proportional representation, unlike the U.K. or U.S. with our "first past the post" system. Coalitions are possible, if rare, when a third party is involved - there was a coalition between the Conservative and Liberal Democratic parties in the U.K. from 2010 to 2015.
There are ongoing efforts to modify elements of the system. Proportional representation is one; ranked-choice voting is another (though very much subject to manipulation); "jungle primaries" are yet another. The idea is to encourage more collaboration within a system that has heretofore rewarded partisanship. Informal norms still allowed collaboration to happen but those are breaking down. One could argue that these modifications are not far-reaching enough but, as mentioned in the first paragraph, the system is designed to make change difficult. Look at how hard it is to get a constitutional amendment through. With the amount of distrust that prevails today between people of different political views, change is not only difficult, it's feared. What then happens is increased reliance on the judiciary to deal with issues not conceived of in the 18th century, but that's a whole other set of issues.
Would a multiparty system help? I would first look at the preconditions needed for success. First, arranging a viable governing coalition takes time. So a strong administrative state would be required to keep things going while those negotiations proceed. Then there would have to be trust among the various parties. Finally, a mechanism to require the governing coalition to step aside if it loses support would be needed - in other words, fixed terms would not work in such a system.
As for the Electoral College, it seems a bit insane, but consistent with the devolved approach to election administration that is baked into the current system. I imagine there would be substantial resistance to changing that approach. It's that issue of distrust again. There are certain elements of the current system that prioritize state-by-state considerations over a nationally uniform approach to governance; this is one of them. Personally, I don't like those elements, but I see where they comes from.
PS: I have gone on about this because it appeals to the political-science geek in me.