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I would say go for it.
During my time we had several guys pledge that were almost ready to graduate. In a few of those instances, they ended up dual majoring so they could stay in college longer and therefore stay in the frat longer.
Hell, in one instance they guy graduated a semester later but stayed extremely active by visiting all the time, going to football games, and still paying 'dues' even though he was out of school. The guy also constantly invited people to his parents country house over near DC to hang out and then go into the city to have fun.
On the flip side, I have several friends that thought frats were ok, but didn't want to join one. Now that we have all graduated and they see me going back to tailgates, alumni parties/dinners, and going 'home' to the frat house they would give anything to go back and do it again so they could pledge.
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