They did, but you'd need to beat Osborne up just as much as Brown/Blair on that one. The Tories had similar spending plans to Labour in 2007, with the recession/depression looming on the horizon. Remember what caused Brown to duck out of his validation election soon after his appointment?
He actually targeted 50% of school leavers attending university, something we're not too far off now. Polytechnics went under Major in 1992, although I'd imagine the plan was hatched under Thatcher.
On your assessment of PMs, I agree, Wilson, with Smith a clear possibility. Pity it's over the...