Personaly I think that is part of the correct solution for the education problem. It certainly wont fix it on its own but it will contribute to the solution. But we need true school choice. Where it is not only open to certain people based on certain paramaters. Open it up to all and first come first serve. Then we need to focus on those schools that are performing the worst.
I would be much more inclined to a school choice plan where a school had to accept every applicant (with admissions possibly based on a lottery).
In that vein of discussion I think that the requirements, and as a result the pay, to be a teacher should be dramtically increased. I also think that tenure should be merit based and chosen by a council that includes teachers. That bad teachers, as decided by that same council, should be easier to fire.
As long as it is in the hands of fellow teachers, that could probably be done is a reasonable way.