I have the opportunity to be on my college's flying team and wonder if this is something that would look great, good or indifferent on a resume.

Speaking as a former NIFA team captain....nobody cares.

I suspect it would look good for a major airline. They have so many good candidates that anything to make you more interesting would be a plus.

I have it on my resume as a kind of "hey, by the way" thing under my random "achievements and accomplishments" part but I doubt anyone has actually used that to determine my qualification over another pilot for a job. Along with that, I also have Academic Deans List (because I graduated not too long ago) and a leadership role in a college group as well. Mainly, I just wanted things that filled the space.

I think that it depends on where you are in life.
For instance, I was on the OK State team (Go Flying Aggies! ) back in college but I wouldn't think of taking up space on my resume for that item because after 20+ years I have much more pertinent items that I want highlighted.
Roll the clock back 18 of those years and it is probably at the top of my OTHER/INTERESTS column (if you had one) because with nothing else to highlight it shows teamwork, leadership, social activity, and if you do well - accomplishment.

When the time comes though that you can start adding some 'real world' experience and such to the resume then it would be one of the first cuts too.

USMCFLYR

Put it on there, there is a metric that HR uses called "industry motivation" that measures your commitment to aviation. Time on the flight team won't help low or minimum qualifications when writing your resume, but it will show that you are committed to the profession.

The time on the team is of value and as mentioned earlier it speaks to your industry motivation factor. It may simply give you a segway to a discussion about leadership (will you take a role on the team that gains that experience) or you can add it to your experience in another way that you can then discuss in answering open ended questions such as " your grades are great but what else were you involved in while attending college?"

Add it.
NIFA is a good experience and you only get out of it what you are willing to put into it.

I was a NIFA captain as well. Do it for the experience & camaraderie because it won't advance your career any. Have fun.