After a few minor tweaks based on your feedback I've settled on the final design for the Miskatonic University Australian Expedition logo. Click through for the high res images.
The color version:
The black and white version:
You can find various iterations of the logo's development, along with a running commentary on the symbolism of the various parts, here and here. At this point I'm planning on putting in an order for 100 patches later this week. I don't think there will be as much demand for these as for the Antarctic expedition patches, simply because "At the Mountains of Madness" seems to have more fans than "The Shadow Out of Time", but if there's enough interest I can increase the order size.
Update: The company that does my patches is offering a discount for orders that also include die-struck lapel pins. If that's something you would be interested in please leave a comment or drop me an email. I'm already halfway convinced because the flat-backed pins would be perfect for customizing some vintage lighters I have.