competency vs currency
Seriously, though. The question is a fair one - I have never equated currency (my definition: flying just enough to stay street legal) with competency (: flying enough to stay good and get better).
Difficult to give actual data or case histories in this case. The subjective opinion ought to be easy enough to argue - in fact IMHO I believe you already have in your post. Objectively though, quite difficult without data - really the point of the post!
Guess we could all come up with a horror story of a Station/Squadron/Flight commander who hardly ever gets out of the office, then flies on a day when you could not quite see the curvature of the earth and inevitably intersects it at something more acute than a tangent...
(Just read this prior to posting - rambles on dunnit!)