I'm as snobbish and elitist as anyone else, but Jeb graduated PBK. I think he's all right.
People can absolutely be a great student and just be amazingly clueless outside of academia.
True. Cruz is pretty much a certifiable genius based on what Dr. Alan Dershowitz said about him, but not too many folks are clamoring for him to be President.
The reality is that intelligence is only weakly correlated with skills you want for a Presidency. Frankly, having a higher intelligence makes it easier for you to mentally justify bad ideological positions (of course, what these are varies depending on your vantage point).