On the one hand, its a great idea.
US College "degrees" are basically dime a dozen, even in the USA. (Keep in mind that all the really useful qualifications are actually post-grad qualifications in the US system.)
A smart kid, who knows he's not going to the NBA after a year, who recognises he may have a 40 year career as an Engineer or what have you, is probably better off staying in Australia and studying.
But the problem is, where does he further his basketball career? Polishing the bench as a DP doesn't really cut it.
Unfortunately though, I just don't see a University league rising to much quality. And if you want a decent crack at a Basketball career, then you're probably better off in the US system.