there is also the fact that our founders didn't trust the unwashed masses to vote for president and that is why we have electors who actually vote for President.
Yes, this. In the words of the founding fathers, democracy is a beautiful thing, except for that part about letting any old yokel vote. Note too that the individual states chose union, and that was a negotiated process. The EC was a means to assure the smaller states that their interests wouldn't be wholly subsumed. (This is also why Delaware was the first state to ratify the Constitution. They were fearful of the power of their larger neighbour, Pennsylvania, so they were especially motivated to sign on to the protections the Constitution offered.)
In fact, originally I don't think the EC was even a compromise between democracy and state-ocracy. Note that in the early days of the US, many states didn't even have a vote to choose the electors. The state government simply appointed them. There was nothing in the Constitution to stop the people being taken out of the equation completely (except for voting for their own state government).
One other interesting point. As I understand it, from the writings of the time, at least some of the Founding Fathers expected that, more often than not, the Electoral College wouldn't choose the President either. The Constitution has rules for what happens if no candidate gets a majority of the EC vote. (Not a plurality, a majority.) It gets thrown to Congress. (The House chooses the President - only one vote per state - and the Senate chooses the Veep.) Those FFs opposed to the party system envisaged that with numerous factions in play, only a trule exceptional candidate would win majority support. The rest of the time, the House would make the choice. (One last wrinkle: initially, each elector could cast two votes.)
Constitutionally, then, the system worked thus: the states, through whichever means they thought best, selected a representation of worthy, upstanding citizens. These citizens compiled a shortlist of best qualified candidates to assume the Presidency. The House perused this shortlist and selected their favoured candidate.
And then, of course, in 1800 the system did exactly this. The House had the choice between Jefferson and Burr (who was supposed to be Jefferson's running mate). It took 36 votes for the House to reach a conclusion and elect Jefferson.
After that, letting any old yokel vote looked better by comparison. Once the Democratic-Republican unity party broke down, the Democrats under Jackson championed the voice of the people, and the EC system had to be repurposed to try to give voice to a popular vote. And thus the US has the hybrid system it holds today.