The big gray book aka Milliken is a bible of sorts for FSAE and anyone who isn't afraid of doing some math. I haven't got all the way through the aero bits, but for FSAE, the courses are typically too tight to use aero. Of course West this year was very open, and my team (KSU) was one of the few teams doing well in autocross w/o Aero. Keep in mind though that typically the teams with aero have had their cars together long enough to experiment with it.
Don't get me wrong, FSAE was a blast, and being on a winning team that knows there stuff will help you in trying to get a motorsports job, fut the truth is that real racing experience is still what matters. I've meet a few guys who were able to pull it off, but do some reading on FSAE.com and you'll see very few of these dreams come true. There is an alumni from KSU that I know that is currently at Colorado State and is doing grad research on dampers. FSAE helps but it will still take a LOT of persistence.
That said I'm very happy so far in the private sector (working for Cessna Aircraft), and there is good demand for ME's so you can afford to be a little choosy in picking a job. Also, it is harder to get a masters while working, but its MUCH cheaper to let your employer pay for it!
-Ryan
#56 '91 Miata STS2
'88 Trans Am GTA LT1/T56 setting up for track days