There are also a number of people in the midst of a similar donation -- will they now renege on their promise? The Hokie Club could very well be shooting themselves in the foot with this.

FWIW, I hope you don't walk away. I hope the Hokie Club finds some way of making donors like you at least somewhat satisfied that they've been properly accounted for. There may be another HokieBoy waiting, but with the way the Hokie Club has been working for the past decade, that won't be the case for long if they burn too many bridges.