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They are probably equally sustainable, but it's about where you want your peaks and valleys. I think that the baseline would be set to at best the current average or somewhat lower. I think letting communities decide how much they care about education and then buying the product they want at least creates pockets of better education, which standardized funding wold snuff out or send to the private sector in lower numbers then we are now providing.
My single mother moved to a good school district in an area that was spendier then she probably wold have lived in if she were childless so I could get a better education, poorer people do in some cases have some options. Personally I think how we teach kids money or no money is a shitty soul crushing factory for dysfunction and unhappiness. Or at least I don't feel like I got much out of my 13 or so years of public schooling when I compare it to what I learned from reading books or asking people questions. I think school did help me become anti-authoritarian, for which I might owe it some kind of debt. Band and art classes were fun, but I doubt that we would have those if we severed communities ability to go the extra mile.