Originally Posted by Bostonian
I favor extensive data collection
You are in luck, as extensive data collection exists. Here is a high-level list of required data elements.

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... and (with the consent of the student) dissemination.
Unfortunately, students and parents are not in control of the data. Despite FERPA, students and parents may not be able to see the data which has been collected. You (or your children, as "eligible students") may wish to inquire to receive your children's data. Learn what data is made available to you, as compared with the list of collected data elements.

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It is my impression that employers of high school graduates never examine transcripts.
If employers of high school graduates do not examine transcripts, might this make it highly unlikely that they would inspect extensive student records, in order to determine which students were higher performers?

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You are either a high school graduate or a dropout.
Here, are you alluding to CBE and showing mastery regardless of number repetitions or length of time to achieve mastery... making all student accomplishments seem rather similar to one another?

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Therefore gifted students must graduate from colleges, especially those with good reputations, to distinguish themselves.
Not seeing how this follows logically from the statements made above. There are many ways for individuals to distinguish themselves and develop their talents and gifts... while postsecondary education is one path, programs like Davison Fellows and various entrepreneurial efforts such as Thiel Fellowship come to mind. These opportunities do not preclude postsecondary education, rather they illustrate that distinguishing one's self can occur at any age, and do not necessarily need to wait until after postsecondary education. (More possible paths for youth to discover their passion and distinguish themselves in these threads - Carpe Juvenis, It's the Student, Not the College, and Live It!)

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I think school transcripts should be like credit reports, which are transmitted in a standardized way at low cost.
Agreed. However same may say this gives us plebeians too much control over our fate.

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The real "prison", if you are using that term, is the inability to get good jobs without going through a 16-year long sentence in school.
Agreed. Acceleration may be an option?