The Society for Creative Anachronism, that is!  While not technically a student club, the Society for Creative Anachronism was a non-profit organization with enough members who were University students to garner a page in the 1985 Gem of the Mountains Yearbook. The group was created around 1978 and from what I can find, lasted up through 1997.  Here they are posed in what I’m guessing to be the UI Arboretum.