I have bikes with linear ("V" brakes) and discs...I much prefer the discs.

As a fellow "Clydesdale", I'll second the opinion to not bother with the BB-5 and go with the BB-7 as it has over twice the pad surface, the same as Avid's hydraulic brakes.

I will add the caveat that for a campus bike, not only should the linear brakes be sufficient, they'll make the bike less of a target for theft than discs.

My local bike shop has some shimano deore XT br-m770 v-brakes on sale for $35. Would that offer me anything worthwhile or should I just try different pads, then if im still not satisfied move up to discs? I kind of feel like I wont be satisfied with spending money on the same thing. The only reviews I have been able to find on the br-m770 havent been stellar, mostly 3/5.

As far as braking power goes, no. Coolness, yes.