RAW initiative would be better, but it's still a single player game. You aren't balancing against other players, you are choosing how you play. Something being strong is not a good reason to make changes unless it's broken from a bug. There's always a vocal group in video games that min-maxxes. With a million+ players I guarantee most don't even know how initiative is rolled let alone feel compelled to use that Feat.
As to Alert being OP - I've never taken it yet but I suppose it helps.
1d4 + 5 means you go first in initiative all the time, except for a few bosses. In a game where many fights have a lot of opponents, dropping AoE damage or a strong CC like sleet storm can dramatically decrease the difficultly.
