Robert-
I think that's a great idea, and using a development class or formula class (for instance there are a number of homebuilt 18 squares and F 16HP's as well as "A" cats) allows some individual design input as well with the boat/rig specifications being already provided. I think what would work best is getting committments (at least for interest) from a number of Universities and THEN approaching potential sponsors with those numbers of committments in place. I could imagine you MIGHT be able to get some "big" sponsors to offer say, all the wood used or all the Epoxy (I'm thinking maybe WEST system or one of their big retailers- West Marine, etc.), sails (or sail making materials??), blocks, beams, masts, etc. for all the boats in exchange for recognition (or at least maybe some real price breaks so OTHER sponsors like Suntan oil companies, beverage companies, etc. monies could get more of the supplies). Should have a "championship" regatta scheduled so the boats would all have to be completed by a certain date and then maybe rotate the builders (on the team) racing/sailing the boats.
I would suggest if you pick "A" cats you use the Category 2 designation (minimum weight 200 lbs. all up) so you can get away with using wood and aluminum in the construction rather than having to go to CF, glass, Kevlar, etc.

Kirt