Didn't have much for college students 30+ years ago either. I still wouldn't think it would have much to offer for them. I had six presets on my car radio. I can't remember what they were anymore, but I'm thinking at least one of them was dedicated to an out of market station. I mostly flipped between WEGR, Oldies 98.1, and FM 100, though, and my alarm was set to The River. I remember I could get quite-a-few more stations on the home stereo in my dorm near the top of Richardson Towers. Having a 70+ foot antenna made a bit of a difference!
Like you mention, the middle-aged white audience in Memphis can only be sliced so much and remain profitable. You'd think, with Memphis's history with rock n'roll and the blues, that classic hits/oldies would do well there, but it never has. Every effort to launch such a station has landed with a thud, and I don't think any FM effort has lasted longer than five years. I was only there one semester, but Oldies 98.1 shifted to a 70's-based focus a few months after I left. It then evolved to more of a classic rock format under a couple different handles before going rock as 98.1 The Max.