Article 2, Section 1, Clause 2:
Each State shall appoint, in such Manner as the Legislature thereof may direct, a Number of Electors, equal to the whole Number of Senators and Representatives to which the State may be entitled in the Congress: but no Senator or Representative, or Person holding an Office of Trust or Profit under the United States, shall be appointed an Elector.
Therefore this does not circumvent the Constitution.
However, enacting it via a statewide initiative measure arguably does violate the Constitution. This power is reserved to the Legislature of each state.
Just splitting hairs, and I’m sure its been decided, but this is for appointment only. It doesn’t say anything about apportionment.
They could throw darts at a list of names, but it doesn’t say that the electors can be apportioned by result of the general election.
Just thinking out loud on an issue I don’t really care to research.