Late to the party, but hell no!!! Just think of the driving industry. That would be down the pan probably immediately.
And to anyone that agrees with this idea, don't kid yourself into thinking you're a perfect driver. You should probably take yourself off to the test centre now and get retested because everyone makes mistakes when they drive, albeit small ones.
The police would never be able to enforce this. Crimes which actually need to go to court, and to be investigated would be overlooked. And do I want the police taking idiot drunk drivers off the road, or someone that doesn't turn in the road well...
Moving on from that, perhaps agree to retest every 10-15 years, with leeway to account for test waiting times as the waiting times would no doubt increase as that's still a hell of a lot of people taking tests.
There are lots of things you'd get failed for during a driving test are mostly to do with poor observation during maneouvres and failing to signal. Whereas, the statistics for the most common causes of road accidents are poor observation at junctions and when switching lanes or merging. So, I don't think forcing people to check their mirrors over and over whilst they're reversing is going to do anything other than help them avoid minor fender-benders. Also, losing your license for things you'd fail on like not driving fuel-efficiently, driving a few mph over the speed limit, leaving a roundabout in the right lane or driving over the middle of a mini-roundabout is just ludicrous, statistically none of these things are listed as even being close to common causes of motoring accidents.