My info from 2009 era (tho I keep current on some lines of info).
As a rising junior at HF (and Stanford) my son was at least 6" shorter and 30 lbs lighter (tho a LHP), he sat 80-2, had a bit better grades 😉. I thought it really helped him when he went the following summer to the same camps with very improved velo. I think it gave the coaches a feel for his progression (and, by extension, his work ethic) baseball wise and physical maturity. Foe example, most kids are trying to be seen, but because he was already on the follow lists and had been introduced, he was greeted before the games began, and again after. Getting attention is hard when there are so many kids and so little time for recruiters, so if you got something to show as a rising junior (and your son has something to show), go.
So, I'd say, if you have the budget, go for it (your son, if he sits 85 for a series of pitches, will shoot up the lists of every Ivy).
Economics is very much a viable major for athletes. Ivy (and other) economic majors have huge employment opportunities. Econ changed from my classes in the 70s; it's now heavily math, statistics, and data oriented. And, that's what these employers are seeking.
Now, is an econ major viable in the SEC because the time commitments are even greater, I have no clue.
I have yet to figure out the downside of leveraging baseball into a HA. If your skills in baseball are good enough, you'll be found.