yea you can make your profile un-searchable to people that aren't your friend...it wouldn't prevent you interacting with those friends you have added though. You can also limit friend requests to only friends-of-friends, and just ignore the ones you get that you don't want. I know I've ignored a bunch of friend requests haha. Theres a bunch of stuff that can be changed to "friends only" pretty easily using the privacy page (you have to click "view settings" under basic directory information to do some of the basic stuff...they kind of hide that it seems). The only things that will be public will be your name (fake name?), profile pic and gender I think.

As far as employers go (if you were using your real name), it would be best just to hide everything. Thats what I do. All they can really see is your name haha. Or, if you wanted to make your "interests" public, you could cater it to your industry...like list stuff that has to do with publishing maybe.

*awaits patiently for friend request*...jk haha

One thing I'd actually suggest though since you're graduating soon is getting a linkedin account where you can list your job experience and stuff. Its also good to have for connections and stuff. :)