However, most coaches (jobs are on the line) will prefer the guy who has shown he can do it at several levels and stops (even better if he is already in your program), than someone who used to play for the school but you have no idea if he can even talk a kid through out to tie his shoe, much less what to do when a dozen different factors are in play.
It might help recruiting, might not for a big name unknown. I think Bam Bam might be the only one that would have that kind of cache and cred.
I hire fairly often and I almost never take a flyer on an unknown unless my applicant pool is dry. Ours should never be that dry. Just my $0.02.