Yes, my son is a 2012. We have asked about the 3-2 program at each school but I don't see the point in getting two bachelor degrees when one more year will give him a bachelors and masters degree.
He has always planned on going onto grad school and with Engineering, it is entirely possible to go on a full grant (my husband did for his masters degree in nuclear engineering).
My son already has an academic scholarship offer from one D3 school where the baseball coach is very interested in having him play. His grades and SAT scores (especially the latter) went a long way into bringing the price down. We don't really qualify for need-based aid, so if he wants to go to a private college he'll either have to get a scholarship or take out loans.
Have you looked at Rose-Hulman? They are a top notch Engineering school, D3 with baseball, and have academic scholarships.