I think the results would be better as all practitioners would be well-versed in theory and practice. And of someone pitched a very novel approach, it would get more scrutiny. Of course we should be open to new approaches - just not for the sake of it being new.

I don't agree because current graduates aren't necessarily well-versed in theory and practice. In fact I've worked with CS graduates that don't understand theory at all and follow the worst conceivable practice. Of course CS education isn't standardized and I'm not talk about Stanford grads here. But I have a hard time believing that simply erecting barriers that require education will improve the situation when a lot of educated people still have no idea what they're doing.