If you don't have experience in this kind of setup (and neither does the client, I presume) I would suggest to define a trial period as part of the project.
You can sell the idea with some starting hardware (whatever you can get), put it in place, pick some lucky students ;-) and conduct a test for 1 or 2 weeks. You should be able to pinpoint what parts are being stressed the most.
RAM is not that expensive, so why not 8GB of RAM? You will probably spend more money on switches, unless the network is already in place.
I'd like to hear how your project goes. It is always interesting to see how one can adapt Zentyal for different situations.