The CACREP accredidation programs certainly seems like a good program currently, but the proposal here isn't to require Virginia Schools to be accredited, it is to require new people seeking licensure to have graduated from an accredited program.
I am always wary, as the State should also be, of offloading the State's responsibilities to others, and of creating monopolies. This proposal effectively does both, and should only be adopted if the quality of newly licensed individuals is lacking and there is no other reasonable way to improve it.