I don't think there is anything wrong with the idea that one day people will try to optimize their genes, even if it's only self-selecting.
Yet:
1) Hereditary factors can only explain a small part of the picture. Eliminating hereditary factors that predispose people to developing mental illnesses would only eliminate a fraction of the problem. Environmental factors play a huge role.
2) The point at which what you describe happens is a long way off (if it ever happens), at least a couple of decades away. In that time, we need a viable solution.
Part of that solution should be better access to mental health care. I don't think there will be any constitutional issues with institutionalized treatment of a child who has threatened to kill someone. AFAIK, a child's parent has considerable legal control over that child and the decision to institutionalize/otherwise treat.
EDIT (reply to below):
> wasn't known to have any violent tendencies
>What were the environmental factors behind Lanza and Holmes (Aurora)? Both came from upper-middle class backgrounds. Both grew up in idyllic environments with "normal" parents with careers and health insurance.
I'm afraid it's simply to early to say these kinds of things. We still do not have a complete picture of Adam Lanza's life. I don't think any of us can say anything about his personality until more facts emerge. A middle class existence is not the end-all be-all of mental stability. There are tons of other factors - family situations, bullying, school environment, the list goes on. And obviously, hereditary factors may very well have played a role in his case.
>Meanwhile, someone without a mental illness has a moment of rage and threatens to kill a guy at a bar. Do we lock him up and drug him too?
This is a straw man. Firstly, I was only talking about the case of children/adolescents whose parents have legal powers over them. In the case of an adult (whose parents obviously have no legal control), the problem is that those adults (incl. the guy who threatens another in your case) will get sent to jail and there won't even be an attempt to diagnose/treat a mental illness even once they are in jail. The guy in your example would not get diagnosed with something he doesn't have. He'll just be in jail. Expansion of access to mental health care should include expanded access to inmates.