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TheOtherDave comments on Genetically Engineered Intelligence - Less Wrong
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I'm inclined to doubt that it's the average of politicians that would make the most immediate impact, actually. Significantly stretching out the right-side tail ought to have practical consequences.
China is now basically run by technocrats - scientists and engineers. (A society run by such is part of many technologists' fantasies, though I don't see a massive brain drain to there.)
New Labour in the UK was run by some ridiculously intelligent and erudite people. I was a fan and even I would say they did quite a lot of demonstrating that intelligence means you can do much bigger stupid things.
There are really quite a lot of frighteningly intelligent politicians. I'm not sure just increasing politicians' IQ will do much at all.