Why should teachers be the only ones who understand the standards. Lay it out for the students. Give them options of classes to show mastery. Give them options of how they will demonstrate mastery. When they have, they can check it off. If they need to retake a class, or try to master a skill again, then they are in charge. It is their choice if they master all that is needed, and in what time frame.
This will require a new grading software program. One where all the standards, and practices are listed. Teachers/ administrators will be able to write in to the program in what way the student met the standard. If we want it to be a portfolio, we should have a link to the student work that could be scanned in. Or it could link to a WEB page where the student work can be viewed.