I'm curious what you think about variants on the PageRank idea that address the slowness problem you point out. You state in an earlier comment “so if there was a committee that provided that evaluation entirely outside of the publishing ecosystem, that would be great”. You could theoretically have a PageRank-like system where some nodes are papers, some nodes are committees, and (maybe) some nodes are individuals. Then there could be different types of edges, expressing relations like “has cited this paper” or “deems this to be a quality paper” or “recognizes the competence/authority/prestige/whatever of this person/committee”. Then run PageRank on the whole mess.
The other thing that could make citation data more useful earlier might be taking a more complex view of citations. PageRank doesn't equally weight links, ie links from authoritative sources like the NYT count more than random sites. I think there's plenty of room for improvement in applying similar mechanisms to enhance citation metrics. And maybe some of that could start playing into making citation metrics more useful earlier in the process. If you only have one citation, but it's from a preprint article written by a Nobel Prize winner, that should count more than 10 citations from published articles by random postdocs (although I have a feeling that even that idea wouldn't be accepted without a lot of controversy in academia).
So yes, what journals typically provide is a leading indicator of quality that you can get before waiting for citations to come in. There's a definite demand for such a leading indicator, and I certainly believe there's an opportunity to replace the journal with something else.