I don't think so. The best predictor of university physics scores is...wait for it.... university physics scores.
Likewise, the best predictor of on job performance is on job performance.
If this isn't a recent grad, interviewing on the resume will tell you more any proxy for on job performance. Sure, people may be seeking to step up from a drudgery type job, but I think that usually comes out (citation needed, I admit).
"I wanted to replace the terrible X with the wonderful Y, but I was over ruled".
"question about why this was rational".
"rational explanation ensues"
"want a job here?"
I admit it ain't perfect, people lie on resumes and take credit for other people's work, but we all know the whiteboard tests and other things are just voodoo. Google's hiring data proves it out - only one person in their company was able to give better than chance ratings based on interviews.
And, who really cares about resume inflation? I'm scrupulously honest in my resume, but if someone can describe all the trade offs, costs, and benefits of an architecture from a previous job, and answer speculative questions about it ("what would you change if you needed to scale X"), then heck, they can probably do the job. If I understand engineering and am an active contributor, what more do you want? No, "doesn't get nervous during a highly artificial situation of whiteboarding" is not a rational want, since it will not add 1 dollar to your bottom line.