The light of knowledge and tradition - chishiki to dentou no hikari - 知識と伝統の光 - sounds a little strange in Japanese. It gives the feeling of a religious cult maybe.
How about 叡智 eichi instead. It means a way to get deep wisdom or enlightenment so it's appropriate for your university.
So Eichi Dojo 叡智道場 (and if you really want you could use chishiki to dentou no hikari as a motto). That's my suggestion. But wait for a few more before deciding.
Thanx for the suggestion
We'll consider it, "Eichi" sounds good. Coulds you please also add the meaning of each kanji? As we're trying to absorb the complete philosophy of the kanji as well.
We'll put on the top of the list and see if there are more suggestions, but really, we like it