IC D&D 3.5 Magic school
This does, indeed, sound interesting, and I suppose the 'fun' comes from field trips and such to gather exotic (or even mundane) spell components (such as retrieving an ordinary substance from a place where some monster(s) consider it their 'territory').
The only problem I can see is that the D&D game is sort of set up that any school you went to would have been one that you 'graduated' from in order to become a 1st level adventuring wizard. I suppose this could be countered by a decent premise for the school's existence (i.e. an alternate reality where this set-up is true).
Another option you might consider: start at a magical school (or academy) that trains apprentices, graduate to a college for intermediate levels, and then on to a magical university. That would give you a built in story arc for however many levels you want to deal with.
You should also figure out ahead of time what character classes you are willing to allow. Presumably they all have to be arcane spell-casters, and if it's a mixed character class, whether the other half/parts get side training as well. Bards, for example. Do they also get musical training, too? (Oh, no! Shades of Glee!)
This thread might be a good place for you to run your options, to get input from all the rest of us who wish they'd thought of it first!