I think the simple answer to the original question is NO. In the short to intermediate term, this will probably ending up being a cash drain. There will be 800 additional undergrads and 200 full time grad students. It will bring along with it an increase of 100 professors. Lehigh will also need to increase significant portions of their infrastructure to accommodate that. They will need more housing, more parking, dining, gym space and a whole host of other amenities.
In this age of colleges reducing their athletic programs I think it’s really unreasonable to consider having Lehigh and the rest of the Patriot League teams to add others. IMHO. I’m actually amazed they fund as many as they do.
On the upside, (slightly) Lehigh will be adding a health schools. I’m not sure what that will entail but it will surely include majors that were not offered before. I say slightly only because these majors (possibly physical therapy, pharmacy, physician assistant etc) generally require a time commitment that may exceed engineering.