Good thoughts, but a non-starter due to all kinds of reasons, most of which have already been mentioned. To which I'd like to add that aswell as the 'big' premiership teams, Burnley have had a relationship with a couple of American clubs for the last few years (they are heading out there on pre-season again). they are building these relationship because that is how play recruitment from US will work. If such a scheme (college recruitment) was a goer it is certainly something they would be looking at, along with all the other premiership clubs. They aren't, not because it hasn't been thought of, but because it just isn't an option.
On a different note, I was approached last year by a Brazilian businessman/agent looking to set up a deal with some young brazilian players from outside the main cities in Brazil who tend to get missed (due to geographic reasons) by the bigger clubs in Brazil coming over to english clubs for trials etc. Sounded good in principle - bit messy when it comes to the third-party ownership stuff.
ps. Also, I think there is plenty of decent talent in the local area/non-league that should be a bigger priority. Plus the FA should look at the rules when it comes to developing young players and give the smaller clubs the incentive/funding to develop english youngsters with a nationally designed programme ensuring standards are top at all clubs - gives england the best chance in the future. Leave the big premiership clubs to get on with their own thing.