A school district is considering a new policy to administer a comprehensive intelligence test to all incoming first-grade students. The results of this single test would be the primary factor in placing children into one of three academic tracks: 'gifted,' 'standard,' or 'remedial.' Critically evaluate this policy, drawing upon the ongoing debates about the nature and measurement of intelligence. In your evaluation, identify one potential argument in favor of this policy and at least two significant arguments against it, considering both practical and ethical issues.