I can't help you out in the schools department, but as for racial acceptance and diversity, Bloomington is rather unique for this area. The city, and especially the campus, are much more diverse, accepting, and liberal than the rest of the state. I have to admit I was very concerned about coming here (from California) for my undergrad, and I was pleasantly surprised. I am biracial and haven't had any problems, nor has my family when they visit (i.e. no staring at the black man, white woman, and 3 mixed kids as they shop in the mall, lol.) Bloomington is like any other town in some ways in that oftentimes people tend to hang out with people relatively the same as them, so you'll see groups of black people, white people, asian people, etc all kind of sticking together. On the other hand, you'll also find groups of people who hang out regardless of race or ethnicity. So in that way it is typical of other cities. But compared to some other places in Indiana (the typical all white, Christian, Republican Southerners) Bloomington is unique. Does that make sense?
My one warning would have to be, oddly enough, about Walmart. It is on the far part of town and is usually frequented by people from some of the neighboring small towns, so you have the awkward, staring, slow-drawling, barefoot, and dare I say "hick" types running around there. It is really odd, even for the racial majority, to go there, as I've more than one person tell me they're a bit "creeped out" to go there sometimes. But that is just one place out of many available to go to in a thriving college town.
I've applied for my master's and have my fingers crossed that I'll get to stay here for another two years! I think that if you were to come here, though there are inevitably less minorities than from your city of 50%, you will really enjoy this "breath of fresh air" town in what can sometimes feel like a really stifling area of the country. As they like to say here, Indiana is a Southern state at heart... just set in the North.
P.S. I hope I don't upset anybody with what I've written, this is just what I have observed. I love this city, and am totally accepting of all its people, even the overall-wearing country folk in Walmart :-D