I'm not up-to-date on all the trainers that give power readings but as far as I know, none of them gave satisfactorily accurate readings. Even the Computrainer had/has problems.

I've been doing workouts indoors with a powermeter since '98. I use Kreitler Classic rollers with the wind resistance unit (a combination that provides hundreds of watts of resistance) and an SRM powermeter. I also have a trainer that I use rarely because good rollers have a much more outdoor-riding-like feel and are less boring to ride.

I would recommend an on-bike powermeter and a conventional trainer or rollers. The Polar powermeter doesn't work well at all.

What universities were you considering being tested at?