I have a few labs of computers at my school at my disposal for mining,
You are allowed to use those for the purpose of converting the school's electricity into bitcoins for personal financial gain? Have you gotten permission (in writing, to be safe).
Yep, explained the whole thing to the administration and they're totally cool with it (surprised me, too).
When I say I'm trying to stay up to date with the latest mining gear, I mean it. Already put in an order from BFL a few days ago
The labs were just a good way to get started, the gear from Butterfly Labs is what I intend to use mainly once it gets here.