What you are saying sounds good in theory, but I have found in practice that it doesn't work that way. I have never been able to achieve much in the way of regional students attending my universities despite a plethora of mass transit options.
Also, even for the students that do commute for their education, they will not bring back the tech level boosts with them. They will simply become educated and contribute toward your city education level. In order to achieve manufacturing level industry, you will need your own community college at a minimum. Additionally, to achieve high tech industry you will need your own university. Once you have a university, you can destroy your community college.
You can get the answer to most of your education related questions here:
Once you build a University, can the high school and community college be safely closed?
Kalina posted an excellent analysis of the whole system.
The other thing to consider, is that Sims don't grow up in this version of the game. Residential structures generate 3 types of "agents"... workers, shoppers, and kids. Kids become students when given an accessible source of education. When school lets out for the day, they bring back their knowledge to the building that generated them, which then increases the education level of the building. If the students continue to receive proper education, any workers generated by that structure will be educated as well.