Nah. Uptown area wasn't even really affected by Katrina. The whole area from the Garden District to Uptown is on pretty solid ground. I was there 4 days ago. I might even retire to the Garden District if prices on Cape Cod remain insane.
Tulane has more potential than a school like Memphis. Not to become Alabama, but to become Vandy, Duke, Northwestern or BC. Huge endowment, great campus and with Loyola literally adjacent, I suspect Loyola kids would be something of an extension of Tulane for football if they were decent and in a good conference. My wife went to Loyola of NO and went to Tulane football games now and then (and she doesn't like football).