I could not find R Moshe’s speech yet, but let’s presume for a second that you quoted without distortions. The argument seems to be that most Yidden can reliably (without miracles) earn enough for honest parnosah without college. The downside is time wasted from learning Torah (not sure, is this about time during college or occupation during the rest of the life). Let’s apply this to our times:
most importantly, what percentage of people went to college: 1960-80 had tremendous growth from 8% to 16% of population > 25 y.o. graduated from college (and 40% to 78% high school). Currently 38% of population graduated from college. Now a lot of this is from women (male enrollment went from 3 mln in 1970 to 5 mln in 1990 and 7 mln now, women – from 3 mln in 1970 to 6.5 mln in 1990 to 10 mln now), but still …
So, if we presume that education correlates with wealth, then R Moshe says – you don’t have to be like top 10% – and this is obviously true for 90% that will not be and may be true for those who want to be in 10% but can live without it. In our times, this is saying – you don’t need to be like top 40% .. I wonder what this number will be if you only count areas where R Moshe thinks it is proper for a Yid to live, presumably area between Queens, Stamford, Monsey and Lakewood.
So, to normalize R Moshe’s position to our times, it would be – you don’t have to go to Ivy League (1% of total college population), or even top 30 colleges (7%) So, Touro is OK. YU (in about top 100) is marginable – given that it has Torah learing also).