As for the legal issues, I would talk with the universities, since they do own the trademark to their name, and in any case you don't want a legal battle with them (you will loose on public opinion alone).
I would suggest reading "the four hour workweek", since there is a theoretical example in the book of how to sell t-shirts, and an explanation of best practices for that.
One of the things you can do for example is buy a relevant domain name (about $9 a year) and build a landing page that explains your great t-shirts, with a "sign up for more info". After that, you can buy some Google ad words to test and see how many people click your link and sign up for more info. If the numbers make sense, great, you can start your business. If not, you can test other key words and ad copy to see if you can improve things.
As for pricing (once you decide to start the business), I would suggest testing different pricing models to see what works best. Start with the price that your competitors have as a baseline, and see if you can charge more or less then them.
If you don't want to deal with inventory risks, you can also start your business with CafePress or Zazzle, which will leave you with smaller margins, but no real risk.
I suggest you look at t-shirtforums for more information.