Yes it does. The protesters also have a right to counter them and discourage the school to allow it on stage. Free speech means someone is going to get their feelings hurt. What would happen if a catholic group staged a play mocking homosexuals? Hate crime, right? Thats what failure to protect speech will get us. We haven't done our duty and 'hate speech' is proof of it.
You can stop anything at Galludet by labelling it “not deaf enough”.