I've also thought about taking on technical recruiting because it's done so poorly (at least in Sydney, the author is in Melbourne). I think one of the limitations is that it's an industry issue rather than specifically a recruiter issue. I remember patio11 had a summary of his StockFighter (StarFighter?) platform in an old podcast and the issue he ran against was that he'd present pre-vetted, high quality candidates, who would then be put on the normal HR-driven hiring track.
Edit: Best summary I could find was from his co-founder here - https://news.ycombinator.com/item?id=37988758