I haven’t tried this out so I can’t tell you if it covers what you want, but another library that might be able to help you to get OpenStreetMap in an iPhone application is the one from CloudMade ( http://developers.cloudmade.com/projects/show/iphone-api ). CloudMade also provide a style editor, in which you can easily adapt the rendering to make it look more like the campus map you want, e.g. draw the buildings in the colour you want, or show the footways as little roads rather than as dashed red lines like in the default style. Alternatively, you could set up your own rendering with mapnik and adapt its styles to fit your needs.
Inner-building maps are a level of detail that so far hasn’t really been done as far as I can tell, so if you did want to do it you would probably need to invent some new tags for it. Also the multiple floors will be a bit of a problem as the OSM data model is only 2D and non of the tools really are particularly good in supporting multiple layers of data on top of each other. But given this is a CS major project, I am sure you could potentially fix some of this 
Good Luck with the project.