"Identity" organizations on campus filled a need up until about the '90s. Now, between all of the Gay/Gay-friendly groups based on interests
to be found in the major cities - and the boundary-free reach of the Internet - they seem pretty superfluous to me. For about ten years or so there's even been a social fraternity for Gay/bi guys, DLP, in existence at many schools.
In their heyday (at least in Massachusetts) identity organizations attracted two specific and distinctive types: the club kids and the political activists. And in terms of the latter, there were often separate groups for lesbians because "that's how they are."
The majority of college men kept it on the low and hit the bars and/or scored by way of gym/tearoom cruising. And that was IF they'd acknowledged their orientation or preference. Even now that can be a big "if," especially in Bible Belt cities or any rural area.
My reco would be to not launch an identity-based group, but rather to organize something around a specific issue like marriage equality. You could put more of a social spin on it by sponsoring events such as a "Meet Your Future Fiancé - Of Either Sex" dance party instead of sticking to meetings and info tables. The club kids would still have an outlet, the activist types would obviously be happy, and the closet cases would blend in with the straight allies. Win-win-win!