I think it is an interesting approach to trying to simplify an otherwise complicated formula. And I think it may be more helpful for the D3 programs. Most of us know that Vandy and some of those other D1s would be elite programs when the academics are weighed in. It is a bit harder to follow the D3s.
Of course, a lot of the school value goes into what major or specialty the kid is going to major in. I took a modified approach to this idea by looking at the schools that are part of the Headfirst and Stanford camps. I trust them to include only those programs that have high academic standards for admission (which follows that they have great academic reputations). In my son's case (2017 grad), he knows he wants to do Engineering, so then I can sort from those camp schools the ones who have engineering majors. In the HF camp, I found about 20 of the 50 have engineering majors, and within that about a 50/50 split between D1 and D3 schools. There are other websites that rank engineering schools nationally and by state or region. We are still a few months away, but my son is then going to rank the schools at HF and Stanford and prioritize contacting and meeting those coaches. For other schools not there, he will apply a similar ranking approach.
This process is a challenge, and while getting rankings compiled helps, it is still a judgmental process to narrow down the list and prioritize.