Thanks everyone for the great, detailed insights, am still going through all the links.
I had missed listing Texas Tech.
Transfer students being subjected to potential GPA adjustment in Texas is a good input, will research that. My D has taken rigorous courses in her school and I would certainly not like to have part of her GPA lost in translation !
We have discussed this potential move with her and she is OK with the idea but I would not like her to lose any significant achievements or potential opportunities. We had considered Austin, DFW areas as well but greater Houston seemed to be a better option especially as mentioned above with the proximity to NASA etc. I have a younger S too so private colleges may not really be an option even if we save on the cost of our house.
We are considering the Katy/Cinco Ranch area, recent reports of severe weather there have scared us, though 
- should it be a real concern ?
Another key area of consideration is getting admission into a desired Engineering major in the 4 key UT schools and fallback/safety options. Inputs from members who underwent this experience would be greatly appreciated !