If the jersey is c.1930, then the colors yeah, not sure the colors are adding up with the time period.
Purdue has a griffin, kinda like a dragon in the school crest:
https://s-media-cache-ak0.pinimg.com...59d31c83e8.jpg
I don't believe so, they were more usage with "Purdue" or a "P" type thing. I was hoping this was an early type jersey because they may of used the griffin more back then. I could be wrong, but it's hard for me to see why the colors would be those colors in the 1930s.