I think the key to what you said, there, Tim is "the Church should be so educating its laity that over time they know as much of what their pastor learned in college and seminary as she or he can teach them." I believe God calls his ministers out of the congregation, where they should already have had a strong, foundational education in spiritual things. I believe the church should offer discipleship that is intense, comprehensive and able to provide that kind of foundation, but there's no way that the pastor alone is responsible for delivering the content. A formal education isn't the only way a church leader can be trained. I've met too many pastors who were dynamic, clearly called, connected to the Holy Spirit and successful in ministry who didn't go to either college or seminary. Most of them had a rigorous self-directed education, and they read, studied, put themselves in places where they could learn from other pastors, and did everything they could to continue to grow in ways that would lead to the effectiveness of their ministry, and the content of their preaching. But I also believe that it is the Holy Spirit, working through the congregation of the saints from which a minister's authority is derived.
A formal education is a wonderful thing, not a guarantee of excellence in teaching or preaching by any means, but a lot of maturity can be gained in a relatively short and intense period of time. It's not about how much content you gained, it's about whether or not the experience focused on teaching you how to think and reason, and how to discern "the spiritual things of God" as the apostle Paul says. And I think, in the culture in which we live, a formal education is a major asset for someone who experiences God's calling to ministry, and I believe it is a blessing to the church, and the primary means by which He provides the discipleship that his church's ministers need to do their work. Some denominations, Southern Baptists as an example, consider it important enough to devote a sizeable percentage of their cooperatively given finances to supporting it, and have led the way in making both college and seminary education almost universally accessible for those who are pursuing vocational ministry among their churches.