Well finger length correlates with better SAT scores. I propose that finger length measurement replace SAT testing.
http://www.livescience.com/health/070522_finger_sats.html
Although I myself did well on the SAT's, I too am hesitant to support the use of correlations like these in determining what students, or anyone deserves.
With regard to SATs and academic performance, the first google result:
"Findings indicated a very low correlation between SAT math scores and overall college math grades of six graduating classes at one university"
http://eric.ed.gov/ERICWebPortal/custom/portlets/recordDetai...