So, are you saying that the school shouldn't have a policy against look-alike drugs, or they should have a policy against look-alike drugs, just not enforce it?
They can keep their look alike drug policy and apply it when/if a kid is actually distributing for money the look alike drug, not joking with friends. Even in that case I wouldn't advocate sticking the child with a felony, which will affect his options for the rest of his life. Save that for the real campus drug dealers.