Experience refines and disciplines talent. Given experience v. degree, I would take the experience. The best scenario is someone with the knowledge that comes from education and then has experience built on top of that foundation, because experience brings wisdom. Knowledge is a different issue.
As a part time design professor, I deal with students who have tons of talent, are gaining knowledge (they're in my classes), but have no discipline. Talent without discipline is pretty much worthless to me, both in the classroom and professionally. I've encountered incredibly gifted students who I would never hire or recommend to anyone because they have no wisdom and demonstrate little potential for it. (These tend to be the younger students, early 20s.)
I would look at what a person has accomplished with what they know, and how they've dealt with people along the way. I don't see much wrong with the current mode of assessing accomplishment and checking references. In any case, I'd look at what Zuckerman has accomplished and how he deals with people just as I would with an MBA grad.
By the way, I don't think that age equates to lack of risk-taking. Older individuals often take greater risks because they have experienced risk before and are usually in better positions to mitigate obstacles. One of my clients is a pioneer in his field, yet is taking enormous risks right now in growing his business and taking it in new directions. He's doing it wisely.

