Funding schools with greater achievement and withholding funds from lower performing schools is exactly the opposite of what needs to be done. Lower performing schools are often in lower income areas where funding is scarce and there is little community money to make up the difference. By providing these lower income schools with better finding, we would improve achievement.
I don't believe that it would be a good idea to base funding on academic achievement because the kids who are most in need of funding are those who are doing the worst academically. I believe that this system would only serve to further punish kids who go to schools that are underachieving.