I think a D-I basketball program would have significant exposure in Rochester media, but not beyond here. It would not have the wide appeal SU has across the state -- witness the D-I programs at St. Bonaventure, Colgate, Canisius, Niagara, Siena, Cornell, etc. But I think you are right that given the focus of local sports coverage it would tend to have an edge in coverage, but not to the point that it would eclipse hockey. This is a big hockey town, after all.
RIT has focused on excellence in athletics. I have no doubt in talking with the people at RIT who would be part of the decision that any move would be done the right way or not at all. RIT's commitment to men's hockey thus far should confirm that, despite those who feel it is on the verge of failure.
(see LTPowers) 
However, let's not forget that other than women's hockey, which could move up without other sports making the move, that this is essentially an eight-year process to get there: first making a move to D-II across the board and then to D-I.
Another question is this:
can RIT afford to compete and be competitive in 24 sports at the D-II or D-I level?
