I was surprised to find so easily that in 2001 (good tournament that year, as I recall ), Maryland was a 3 seed with 10 losses, and the 4 seed in their region was Indiana, who came in with 12:
http://www.infoplease.com/ipsa/A0881083.html
So yes, there is at least one bit of precedent there, and I'm sure there's more out there. This is just the first thing Google brought back.