I wonder what the dominant strategy would be for the parties in a proportional situation? 3 EV states would be pretty irrelevant unless they are really close. You get 2 EV with 51% but need to get to 84% to get the 3rd one. However, in CA every 1.8% of the popular vote gets you another EV. Large state's like Ohio and Pennsylvania are basically never going to be outside of 55/45 which means they will always split evenly or within one vote of even in an election that is remotely close. So it looks to me like it would be all about turnout in the large states. D's would move their swing state turnout machine to CA and NY to try to get >70% and R's would do the same in TX.
It would be like Obama's 2008 presidential primary campaign strategy, except that was fought at the CD level. The Dems use proportional representation by individual CDs for their presidential primaries, so the Obama campaign targeted the individual CDs where they thought the race would be close to a threshold for getting an additional delegate.
In the scenario you're suggesting, with proportional EVs by state, it would be similar. The campaigns would poll nearly all 50 states (might not be worth it in some of the 3 or 4 EV states), and try to work out which states are going to have popular vote %ages that put them near the dividing line on getting an additional electoral vote.
So, for example, if you have two states with 8 EVs each, and one of them has polls showing an even ~50/50% race, while the other one shows you at about 55% of the vote, then you'd put money into the latter state and ignore the first one, since a ~50/50 state will split its EVs 4-4, whereas getting up to 56.25% of the vote gives you a 5-3 split.
You might say that it would be more cost effective to put your money in the biggest states, because a smaller %age shift in the vote in those states is needed to get another electoral vote. But bigger states are also more expensive to advertise in, in order to get the same movement in the polls. You're right, though, that under this system, a larger share of the states that you completely write off would be the small states. It would generally pay off to spend at least some money in each of the largest states, since most of them would probably be close to the threshold of giving you an extra EV. And it wouldn't matter if it was one of your base states or not. Both parties would be spending $ in both CA and TX in order to try to get an extra EV.