I don't know of many engineers who would want to double up. I do agree that a well managed company could get by with far less management than most currently have, but don't think that just having really smart people in place will solve the problem magically. I've worked at a company full of incredibly smart people who couldn't get anything useful done because they were all so busy proving how smart they were, often at odds with others in the group.
What makes you think mangers don't suffer from the same thing. Managers are also highly educated often more so(MBAs etc) etc except they will be trying to employ fancy management rather than fancy algorithms.
