Jut an idea, but since you're at a university, would you have welding service available (either thru maintenance, an engineering dept, or industrial arts dept)? If so, you could go with grid racks and have the parts welded after assembly. Makes dissassembly by theives practically impossible. Also need to weld them where they attach to the connecting devcies sunk into the ground (or concrete).

Wave Racks: Basic ones work well, but if they look too much like an art project you might get complaints from the art lovers that bikes locked to them ruin their aesthetic, artsy look. You'd have to educate the campus population as to why they were installed.

Wave Racks #2: If you're really concerned about scratches on bikes, then try getting them with a powdercoat finish. Its thicker than paints or galvanized coatings, and a little 'softer' (aren't most bikes rolling around a college campus pretty low budget or thrashed anyway?).