Perhaps I'm reading your post wrong, but I have some doubt about this. How many years was the management degree a mediocre degree? Only in the past 10 years did it really shoot up the rankings and gain national respect. Why did this happen? The GT name? Nope. The College of Management raised big money and wrote some big checks to improve the level of faculty. Sure there is a level of GT engineering-piggybacking, but I think the rise to a top 25 business school is more due to the big monetary investment.
With that said, adding a few more majors won't effect the engineering school. The post above about Stanford is a perfect example. The Econ and INTA degrees aren't holding back the IE program. I wouldn't expect a few new majors with a couple hundred students having a big impact on whether GT still produces top notch aerospace engineers. I'm pretty sure Lockheed and NASA won't care either.
Ideally, I'd like to see a medical school or a nursing program, but I have no idea how feasible that is and don't have any idea what the monetary investment would be and if the Institute and state could swing that.