Myself I would get the 3.06 if you want 5 years out of it, That is completely NOT unfeasable. Seeing how my wife got her 17PB her freshman year in college. And continued to use it for three years after college until this past Feb, when we finally upgraded her rig, and sold her PB for $800 on Ebay. No PC will EVER do that!
You should get the educational discount, buy the 3.06 and I would suggest the SSD. To make back some of your money don't open the Ipod Touch and sell it on Ebay for $200.
You going to need to get as much pump that is available to you at the time, to maximize your time with it. If you decide against the SSD, upgrade to the 7200rpm option in the 320GB, you can get better deals on larger hard drives somewhere else. Stay with the 4GB Ram, you will be able to upgrade to 8GB within a year for reasonable pricing. Hopefully for less then 2-300 dollars.
You will have to upgrade your software every 2 years regardless. Educational discounts makes that easier. Then when you find a full time job, after school, your company should provide you with the needed software.