It's true that the electoral college gives small states a slight boost in representation in the presidential election. This is due to the fact that the number of electors is a function of the number of congresspeople and small states have, relative to their population, more congresspeople because of the existence of the senate and rounding error when determining number of representatives.
With regard to whether getting rid of that advantage in electors in order to modernize the system would unfairly shift the balance of power, read the above paragraph again. The small states already have an advantage in representation in Congress. That doesn't go away if we make the election of the president rely on a popular vote.
With regard to whether getting rid of that advantage in electors in order to modernize the system would unfairly shift the balance of power, read the above paragraph again. The small states already have an advantage in representation in Congress. That doesn't go away if we make the election of the president rely on a popular vote.