"What is overlooked in all of this is that the UK electorate does not elect a government."
I have not overlooked that in fact, NJ. But the connection an MP has to his constituency is many times weaker today than it was when the concept of constituencies was first set up. Indeed in the past, an MP was there to represent his constituency. This is far less the truth now, as Parliament business focuses far more on national and international issues than it does on local ones. Sure, MPs have time to raise local issues and still do so, but devolution to the Scottish Parliament/ Welsh Assembly has meant that those two parts of the UK now have some level of self-rule and Parliament often keeps its nose out; while local issues figure more prominently, or at least ought to, at the local election level (in practice local elections turn into referenda on the current national government, but this too could be fixed by making local councils more relevant or abolishing them entirely).
Because parliament is increasingly about national issues, then what is happening nationally should have more of an impact than actually happens. Instead FPTP locks in and grossly exaggerates local variations; so that, in particular, all those small-ish inner city constituencies return Labour again and again independent of how utterly crap the leadership is (referring to 1983 again, one wonders how Michael Foot's disastrous set of policies managed to get any support; as it was, a set of ultra-left wing morons held on to a third of the house, despite deserved outright rejection in many other places).
If you are happy being represented by someone who has a significant minority of support, well, that is your choice, but it is not one that many people share and the result is a large set of disenfranchised voters; never mind the decrese in turnout, most notable in Labour safe seats, as so many people can't even see the point in voting.
And there remain ways to improve the voting system that still preserve the link between an MP and his constituency, if that is really so important. AV is one such system; there exist several others, and if done properly they can even reinforce that link. Unfortunately, some people are so caught up in the concept that either we have FPTP or "pure" Proportional Representation that they, as you have, overlook the massive amount of space between these two extremes that genuinely exists.
FPTP is, by almost any measure, among the worst system of electing MPs and governments that it is possible to have. It's a relic of an age when there were only two choices; now that there are more, the system should change accordingly. It's sad that people cannot recognise this, so concerned are they about strong results that they overlook the point that people don't seem to want this any more, or so focused on winning by a nose that they ignore the ludicrous possibility of people winning despite a vast majority of voters who would reject that particular person.