It doesn't work. Countries that have bought legislation in at huge cost have later repelled them due to ongoing running costs and lack of impact, Switzerland as an example repealed theirs in 2012.
Fact remains that the police and CPS already have legislative powers to prosecute cyclists, and...
So you're going to license thousands of kids that cycle to school or to their mates etc. Great plan. Have you thought about running for being your local MP?
Why single out any particular group of road users for strict obeying of the Highway Code? Are cyclists and pedestrians less likely to follow the HC in your opinion than other road users?