The referendum was created during the Progressive Era to work around heavily gerrymandered state legislatures that were dominated by business interests–most notably railroads. Could the same thing be done today at the federal level?
Yes, with a caveat; the Constitution does not contemplate the adoption of new legislation through referenda, so the outcome of the election could only be advisory. That said, it would take a brave or foolhardy legislator to disregard the clearly expressed will of the entire nation, so it would definitely be worth a try.