The university is going to have to do SOMETHING. The gays will probably be happy to overlook any punishment of the perps (they are, after all, non-white) but they will be wanting all sorts of goodies. Probably a new raft of hate-speech codes, an endowed chair or two, more moola for the GLBT clubs and maybe an entire department.
The gay crowd most concerned in this probably want the University to reject all South or East Asian origin students.