Hi Shah,
I wanted to provide some additional advice from my learnings, I would add (to all the other awesome advice you have received) think about how you want to delineate access permissions.
The great thing I have used the Sub-account delineation for in the past is to empower areas of the institution/school over their subset of the data. For example this might be logical to be per faculty. You can then let them see statistics about their subset of the data and have some more finely tuned administrative permissions, without giving them access to everything system wide.
So I absolutely echo Kelley's thoughts about, what do you hope to accomplish? If you can tell us that we can collectively help guide your design.
Hope that helps!
Stuart
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