The current system is vote based. You (and lots of people without kids) vote on some random person for school board. 99% probably don’t even research this person.
What I described let’s the parents take the money and decide which school is best positioned to educate their children.
I can't imagine how the busses would be organized in order to make that level of choice work. Do you intend that we should eliminate regional schools with supporting bus networks and just have parents drive their kids to school?
I'm a parent and the idea that other parents will vote on education worries me. They're too stupid to make good education decisions.