Humans are more complex than that. I don't think you can assume that candidates will perform the same all the time. Sometimes an excellent candidate can perform badly for multiple reasons (e.g. nervousness, poor preparation, bad interviewer, personal problems, etc).
It seems to me, that rejecting a good candidate, and have him/her interview again after some time, if that candidate was a 'good-hire', then it would increase the chance of hiring him/her, since it is most likely they will prepare better, and know what to expect.