We tried this and it was called the Soviet Union.

The intellectual elite ran the country briefly. Then a brutal cabal exploited the new system to its fullest to achieve absolute power. Then their children, who never actually studied anything because of their teachers' fear of being imprisoned, took over. End result: a country ruled by brutal morons, economic collapse, etc.

It's kind of happening in the USA right now anyway. Not sure how to stop it. Hell, suggesting anything might be construed as un-American or a terrorist threat. That should tell you something right there!

tl,dr: if you make the election system exclusive, it will drive out the bad for awhile. Then it will drive out the good!