Lone Ranger, I think your analysis is fair. The thing to keep in mind is that the profile of the typical student attending LAH is a student with SAT scores in the area of 1400 and a high school ranking in the top 4%. Hence, it is logical to assume that the accepted students are coming from a pool of applicants with similar backgrounds.
BTW, to read a very good comparison of the two programs go to the analysis provided on the Plan II website located at the,
UT College of Liberal Arts
The prestige of the older Plan II aside, either program provides an outstanding college education at a very reasonable cost, with both programs emulating a small college atmosphere within a large world class university. Admission to graduate school is facilitated quite well by participation in either program.