BGal,
I get your point, and it is well-reasoned and thoughtful. However, proudopete has a good point as well, IMO. In addition to whether a particular meaning has evolved/changed, there is still the general public perception to consider (and related connotations) outside of the University circle, regardless of whether those are based upon an inaccurate assumption. Perception can mean everything as I'm sure you know. I don't consider this something falling into the "zone" of PC culture, either.
Moreover, although I'm not always on lbodel's side of the argument, I agree with him there.....I'd rather that cheer not find it's way to the fight song/hymn.....and I'm also not heartbroken to see the whole thing falling out of favor. But, that's just me, and I've got no real issues with those fighting for it or those who like it.
I fully respect your opinion and position.
Mind you, I am a native of the Buckeye State, but I am a Boilermaker for life, by choice.