Thanks for an insightful note on the most critical part of building the team — hiring. Your advice for preparing for the interview with a crisp set of competencies and following up with the “competency funnel” method of drill down is absolutely on the money. Interestingly, psychologist and Nobel Laureate Daniel Kahneman’s advice on the algorithmic approach for conducting interviews is also quite similar. (https://www.linkedin.com/pulse/interviewing-hiring-nobel-laureates-advice-abhay-patil?trk=prof-post)
As for the pitfalls, you could add “puzzles” too in the things to be avoided, just like hypothetical questions.
As for the culture fit — there are two opinions. Of course, when it comes to values, one should always look for a culture fit. However, one must also allow diversity of culture — i.e. one should actively look for people who are culturally different in the way they approach work — to avoid the danger of straight jacketed “group think”.