Keep in mind that sorting by IQ is still a strong political taboo,
With who? Not most Americans, I'd bet. Most Americans accept as obvious that IQ correlates with potential for higher learning.
the cultural and/or economic factors which the policy is intended to address in the first place
So the policy is intended to remake society, not find the students with most potential, or give some extra help to disadvantaged students? This is just a tool to make society look like you want it to look?
Be clear what the goal is.
Most Americans are strongly opposed to practices such as using IQ to filter applicants for any sort of job, even when IQ strongly correlates with success in that job.
The purpose of the policy is as I outlined in the Blue and Green scenario above; yes, the end goal is to restructure society, so in the long run, certain disadvantages become less systematic and self perpetuating.
Related: Heuristics for Evaluating the Soundness of the Academic Mainstream, Admitting to Bias, The Ideological Turing Test