I'm of mixed feelings. As a programmer and DBA myself, I would certainly find it good for the project lead to at least have programming experience so they really understood the process.
But you can be "knee deep in the guts of the game" in more ways than programming. A competent writer, level designer, or graphics artist are as deep in a game as the programmers, just in different ways. I would be extremely hesitant to back anyone who was just a "visionary" or "idea man", but I would happily support someone who had created a detailed script, level designs, and a thorough project organization plan and now needed programmers to turn that highly detailed set of requirements into code.