Earlier quoted context omitted.
I think you want to think that way, that whiteboard interviews have a shred of competency about them. I bet you dollars to doughnuts though 9/10 times a company will hire someone who can regurgitate algorithms rather than an eccentric who can't get them right but thinks really cleverly.
On two occasions I have "re-interviewed" current or past developers who wanted to move up from working on extremely simple low-complexity code / sysadmin work, and start working on our flagship project. In both cases the team leads and I didn't think these people were qualified to do so, but the candidates were really convinced they were. These were employees who had come into the company through non-standard channel…
The only way to validate your highering process is to randomly accept people you would otherwise fail. Anything else is meaningless.