Talent searches and the Davidson Young Scholars program use the SAT and ACT to identify gifted students, so they must still think these tests are valid for that purpose.
Yes, but not in isolation and not at the age at which these tests are meant to be taken. DYS, for instance, wouldn't take a perfect SAT score from a high school junior for admission and, even from middle schoolers, requires the IQ piece as well.
I'd agree that most 8 y/os couldn't study their way into particularly high SAT or ACT scores b/c it would be over their heads. However, I do think that average to bright average high schoolers could study their way into significantly higher SAT/ACT scores than their intelligence would predict especially b/c, as I understand it, a lot of the studying isn't about the material itself but test taking strategies for how to get the most points out of the tests (when to guess, etc.).
I think that this is where the IQ correlations fall apart. The old charts show IQ correlations for SAT scores for high schoolers who are taking the test at the planned age/grade.