It can't hurt to talk to a lawyer and to your alums, though it may not pay off to fight the ruling.
How about renting out unused space to non-members? My school just enacted a rule requiring freshmen to live in the dorms - previously, all fraternity members including freshmen lived in their fraternity houses. This left a lot of houses with empty beds, since they're now housing 3 classes instead of 4. Some fraternities are renting their extra space to grad students (there's a HUGE shortage of grad housing) and one is renting space to women. Might be worth considering.
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AEΦ ... Multa Corda, Una Causa ... Celebrating Over 100 Years of Sisterhood
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