Hey AJ welcome,
In general what most affiliates can expect is about a 1% average for depositing players. So it's 10:1000 if you pass out 1000. Remember that not all 1000 are going to be seen by prospective players. Percentages are going to be thrown away, removed, disrecarded or whatever.
As for the legality of advertising poker sites. In the US it is illegal to advertise gambling websites. I am certain most all college campuses also have their own guidelines that will not allow this too.
There for you just can't get caught.
As long as you're not going overboard and covering the entire school with flyers, or throwing 20 thousand flyers in the halls and just littering, you should be fine. Look into any local and college campus laws regarding the distribution of flyers. Some cities allow you to place flyers on vehicle windows and others do not. You don't want to be in the wrong just for the flyers.
I'm not going to say go for it. If you do, understand you can get in trouble. To help cover your ass advertise the .NET website instead of the .COM.
If you do something like this, do it slowly. If you don't draw too much attention to yourself you're more likely to succeed.