Having some effective system like GTD would be a godsend to new university students, so I applaud your effort. The one thing I would point out (and this is probably obvious) is that the book is written for the business professional/executive and has no examples in it relevant to the student. That does not mean that the book won't be useful to the student, but I think that your main challenge will be to develop a set of examples of how to implement GTD for student projects like homework tracking, exam prep, writing assignments, intramural athletics, fraternity/sorority obligations, etc. The examples in the book about executives tracking tasks that have been delegated to subordinates, managing client relationships, meetings with your boss, etc. won't be that helpful to the student yet.
Also, give some thought to the organizational tools readily available to the student and that they may be already using. For example, when I was a student I never had a nice metal file cabinet and if I did, I couldn't have easily moved it into and out of numerous dorm rooms 2 or 3 times per year. Portable rugged plastic file crates might be more appropriate for a mobile student. Bring one to class as an example. Unfortunately, these probably require the hanging folders. As for technology, I would guess most students today probably have a laptop and I think even iPods have some kind of organizational utility, although I don't know the details of it. But a good basic 3-ring binder tabbed notebook implementation would certainly be familiar to every student and follow the KISS principle. Find a calendar available at the student bookstore or as a free download (
www.calendarsthatwork.com) that can be put into a binder.
Once they start implementing it, the students themselves will probably be the best source of tweaks and best practices.
Good Luck!