Is taking a CTO program from an established institution viewed as valuable within the tech community?

Education is always valuable although somehow in the industry, especially in security, it seems that experience is better and in some cases even opposed to education, while in reality they are complementary.

If you were to choose a person for a job without experience or education, with experience, with education or with experience and educating, who would you choose?

I agree with Patrick and Martin. Experience is the most valuable asset. Some of the CTO programs are mostly case studies and theoretical models that are good for talking points and frameworks, but nothing beats actually solving problems, failing, and learning from mistakes IMO.

It never hurts and adds to your credibility, but there is no substitute for having been there, done it and learnt from your mistakes!

I don't believe so. If you have the right set of experience it should be a smooth transition. I think back on what Technical jobs did I have, what did I learn etc.