Wasn't this tested 50 years ago and then sort of left dormant?
Yes, obviously.
But the idea that psychoactivity is a (or the?) determining characteristic of a compound in determining whether it is prohibited is silly on its face.
By contrast, psychedelics have not been used in medicine and were/are not considered “legitimate” by the medical establishment. So with legal prohibitions on actually obtaining and administering psychedelics, the War on Drugs actually did hinder psychedelics medical research.