This is where I come from concerning school funding and guidelines I believe we're about the same age and have been there.
Leaving the decisions to the states and localities would deepen the divide in education quality between urban and rural areas. The rich communities and counties would get richer, while the inner cities and rural districts would end up fighting for scraps. Finding less funding fewer resources, less support for teachers, administrators and students.
I'm very much against any public funding (state, federal or local) going to private institutions. Let's go back to the days that if a church or educational corporation wants to fund a school so be it. But don't take away my taxpayer money to fund your private school.