"It would take money -- mine! -- and as much political effort as I could put into stemming the stealthy subversion." I couldn't agree more. Conservatives can either send that check in to the Alumni Association for more of the same BS, OR they can get involved, and support on-campus conservatives directly. Campus conservative/Republican clubs can do a lot and working with the college kids is rewarding in and of itself.
I also donate to organizations that stand up for ALL free speech on campus -- and sue universities that think only liberals have the right to speak up or have "special rights." One such is F.I.R.E. as well as David Horowitz's efforts toward an academic bill of rights.
F.I.R.E. recently took on "Cow" Poly at San Luis Obispo over a student's right to post material on a campus bulletin board and forced the administration to backtrack from a very unfair Leftist ruling.