No, apparently it has been 15 years though since the last ISU player won that honor. Here's the scoop from Wikipedia's article on Indiana State Sycamores Baseball:
All-Americans (12)
Year Player Organization
1963 Harlan Lautenschlager, IF NAIA
1985 John Howes, P Baseball America
1986 Paul Frye, OF Collegiate Baseball
1989 Mitch Hannahs, 2B ABCA, Baseball America
1990 Chad McDonald, 3B ABCA, Collegiate Baseball
1991 Mike Farrell, P/1B Collegiate Baseball
1992 John LaMar, OF ABCA, Baseball America, Collegiate Baseball
1993 Casey Whitten, P ABCA, Baseball America, Collegiate Baseball
1995 Todd Tatlock, DH ABCA, Collegiate Baseball, NCBWA
1996 Dan Olson, OF ABCA, NCBWA
Here's the entire posting...interesting reading:
http://en.wikipedia.org/wiki/Indiana_State_Sycamores_baseball