It's actually not that bad. The nice thing about Tech is, for the most part, your dorms, athletic facilities, student rec/leisure facilities, specialty labs and stuff like the Law school and the Med school are on the outside edges of campus, but most of the stuff you'd need as an undergrad (most of the buildings representing the colleges your arts/sciences prerequisites are in, Engineering, and the Student Union) are on the inside, fairly close together. Your big colleges' buildings, (like Business, English, Communications, ect) as well as the larger science labs, are located just outside the center, but inside all that more remote stuff.
The Tech campus is surprisingly walkable. Even though the bus stops are all over the place, I never took a shuttle bus while I was a student there, not even once, and I didn't get a bike until my last year.
Well, you pick your poison. UT might not have a ton of land in Austin, but they've got tons and tons of land out in west Texas, keeping your pockets fat with oil/gas money. Meanwhile the University that actually represents west Texas gets none of it. So I'm having a hard time squeezing out sympathy for ya, buddy.