Maybe, but remember that having a higher IQ isn't equivalent to having a better handle on the truth. People with a higher IQ are also better at lying to themselves (just look at all the leftist academics).

The reason that universal suffrage usually works out is that even if they can't articulate their reasoning, people usually still have decent gut instincts. It's just that right now, for a lot of people that instinct is being subverted by a constant barrage of media propaganda.