It's a mixed bag with ISU, especially when determining the place of History in the sport.
KU is clearly #1 in the Big Xii, but there is a solid battle for 2nd, 3rd, 4th programs in the conference. Eras are important, but the farther back one goes, the less important it becomes. For example, the fact that Iowa State went to the 1944 Final Four has 0 impact on today's program. It's just a dusty banner. Even for old timers like me who went to Iowa State in the Big 8 days, Big 8 stuff is less and less important (Orr and Floyd Eras).
As for Iowa State in the Big Xii, they bring the most passionate fan base in Men's Basketball after KU. They have the 2nd largest arena in the conference, which they fill regularly, the have won more Big Xii Tournaments than any program not named KU and are the last and only other Big Xii program to win back to back outright Big Xii Regular Season titles (2000 and 2001) and have more wins @ KU during the Big Xii Era than any other team (unless that has changed recently).
Iowa State's main problem during the post Johnny Orr Era (which resurrected ISU Men's Basketball) has been a smooth transition between the successful coaches. Matters not to me whether ISU currently ranked 2nd, 3rd, 4th or even lower, because they can easily take and hold the #2 spot with the right coach.
Just my onion.