Don't Make me Get the Flying Monkeys!
Unfortunately, I must point out to Dawn that if one must utilize a Grad School/Wizard of Oz metaphor, then it's probably the Graduate Students who are the Flying Monkeys.
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...I think it depends on the level of analogy. If the analogy is to graduate school, then the graduate student is always Dorothy or one of her friends, traversing the paths of Oz on the way to slay the dreaded Witchertation. And yes, professors are flying monkeys.
If the analogy is to universities, then I think you might have a case for the grad student as the monkey minion (though the lecturing professor bears a striking resemblance to the "great and powerful" Oz, which confuses things) but then the undergraduates are Dorothy, et al....
Eh.