Weeeeell, for one thing, you're comparing apples and oranges. College rock I don't necessarily associate with indie rock (R.E.M. went mainstream very early, remeraber?), and you're extrapolating influence from one portion of that music spectrum to another. As you probably already know, the Feelies only had one overt influence in R.E.M. Compare that to Mission of Burma, who influenced other seminal indie rock acts that poured out of the same town as them (Pixies, Dinosaur Jr., Galaxie 500, The LemonheaRAB, etc.), not to mention all the other artists on SST's payroll.
So yeah, I don't think I'm overplaying it at all.