I remember seeing that VINwiki video. It’s certainly a very interesting potential but I’m not sure what educational advantages it gives over many of the already existing FSAE programs at colleges. In a way FSAE is the exact same except you build the car from the ground up rather than buying a competition chassis. Buying an old official open wheel race from a class other than formula vee, 3, or ford can be extremely expensive not to mention that there are very limited quantities of them. I’ve had no luck finding any other chassis than the above mentioned listed for less than $25k and I couldn’t imagine having to find parts for some of the cars as a lot of them are one offs.
I don’t hate the idea of restoring older indycars, in face I would love to be a part of that someday, but I just don’t think its a good fit for college in a similar way that large battlebots are not a good fit for a wise range high school sport.
I would highly recommend checking out FSAE if you already haven’t. For it you are practically given free range on what car to build with a very lenient rule book, at least in racing terms. This leniency also makes FSAE quite cheap to participate in, often FSAE teams budgets are less than that of FRC teams. The cars themselves can also be a lot simpler than an already build race spec car. While some teams make some really complicated electric cars that take hundreds of people to complete most just use an engine from a sport bike with a large aftermarket community and readily available parts.
If you really wanted to another alternative would be to participate in forumla vee though if you did that in the US you would find that its not too common here. Its more of an Australian thing. In formula vee the rules are stricter but your cars can compete in actual races which you can not in FSAE. The cars are also cheap and rely more on driver skill than anything because you are forced to use a vw bettle flat 4 engine restricted to 44hp. I personally haven’t heard of any colleges doing this as FSAE is often easier but it could definitely be done and would be fun.