Slicing and Dicing Super Admin Role?

Okay, so I've been surfing the forums on this for a while and haven't really come up with anything great on how it might be possible to narrow the roles of a super admin. I'm not sure if it's possible, but this is clearly the best place to find out!

We are setting up a site for the student government at our college. Some of the management will be done by student government people and some will be done by us web techs. Is there anyway to dice up the roles on the top-level of our WordPress site admin panel?

Here's a key scenario. I'd like it if student managers could create a new blog, but don't want them to install site-wide plugins or enable site-wide themes.

Although I'm not a big fan of security by obscurity, I'm not above hiding the panels from specific users.

Thoughts on this type of multi-level management of a wordpress mu/buddypress site?