I don't agree with the logic that censoring speech about drug use is safe guarding the students. Nor would I agree with allowing the censorship even if I felt it would actually do anything to dissuade drug use.
My point is about the who gets to judge the intent of the speech and who doesn't. The Supreme Court is allowing schools to use their judgment about speech supporting drug use because they generally agree with the schools judgments. But, they decided not to allow the FEC to judge the intent of the speech because in my opinion because they think they will agree with the FEC.
If the web sites you mention ran ads similar to the Wisconsin Right to Life ad, they should be banned also.
The first amendment is for an individual's speech. Speech from groups can be regulated. It is our job to agree on what is reasonable regulation.