FSU's policy is similar to Georgia's (3 strikes), so this article is extremely relevant to FSU's interests as well.
-Georgia gets bad rap for frequent drug arrests, but it has stricter policy than most
-Athletic department believes UGA program can win without compromising values
-Bulldogs will be without two of their top defenders in September after suspensions
FSU faces a similar disadvantage against Florida (five strikes), which has one of the most lenient policies in the country.
Of course, this is all predicated on the school enforcing it's own policies.
Also relevant: does a harsh drug policy hurt recruiting? I'm not sure. A very large percentage of elite recruits smoke, etc. But to say that it hurts recruiting is to imply that the recruits think about factors like these.