This is not an unusual ambition in HE these days.
Good placements are useful but hard to organise, and generally end up being supplemented by internal projects, which also have their uses.
Lectures have been declared defunct many times over, but they have a habit of sneaking back in within seminars / workshops etc, because both academics and students tend to be comfortable with the format. Like workshops and seminars, they neither guarantee nor exclude effective teaching and learning.
These changes tend to be less sweeping than their architects expect.