You're going some place weird, my friend. The limit of my Uni's Acceptable Use Policy is that your computer have anti-virus software installed. They don't come round checking though. The only other limitations they have are "no peer-to-peer file sharing", legal or illegal, and no connecting more than one device to a network port because most people can't set that up properly and it annoys them.
I of course regularly wirelessly share my wired internet connection, but it's set up properly. They may be able to detect that I'm doing it, but to be honest, IT Services use the "secret" DC++ file sharing we have going on campus as much as anyone else, so they're not going to care about a little secured ad-hoc wireless network.