Ah, ranked choice voting. I know it’s something that a lot election wonks like; it’s got certain advantages over first-past-the-post, but also certain drawbacks. (Arrow’s impossibility theorem is a harsh mistress.)
It’s used in a bunch of places, so it’s not intrinsically unworkable. When it comes to alternatives to first-past-the-post, I tend to prefer Mixed-Member Proportional Representation, but RCV seems fine.