This is slave morality and the logic of ressentiment and envy. It is also profoundly immoral.
Never mind that this approach condemns everyone to a state of perpetual mediocrity, and the poor will always be with us. Mind you, how much you value education is to a large degree a product of the family environment and how supportive it is.
How about we allow excellence to flourish as it does, support it any way we can, and also look for ways to lift those who are worse off out of their condition? The focus should be on making things better, not bizarre idealistic notions like "equality" or "equity", whatever they even mean in real, concrete terms. If we dispense with envy, we focus on objective improvement instead of status-obsessed insecurities.
Of course, I think the most pressing problem in education today is that most "educators" have no damn clue what it even means to be educated anymore. They think they know, but they absolutely do not. It isn't "getting a job", as important as jobs are, or some odd aim of the ideology du jour. Public education in an ideologically-charged society of our stripe is practically condemned to superficiality and poor quality, because all good education begins with an accurate anthropology. We can't even agree on that, so naturally, this produces a lowest common denominator effect. In such a situation especially, permitting a diversity of educational styles and programs is necessary.
And btw, if someone is wealthy enough, they'll move to another school district and make school choice a reality anyway within your regime. People do it all the time. Or would you like a return to latifundia to enforce your vision?