Purdue has received a No. 1 seed three times in the NCAA Tournament. In 1988 Purdue choked in the Sweet 16 against Kansas State. In 1994 it reached the Elite Eight behind Glenn Robinson, but a sore back by the best player in college basketball prevented a Final Four. In 1996 Purdue was nearly the first victim of a 16 seed when it survived Western Carolina by 2 before losing in the second round to Georgia.
So Purdue is 0 for 3 in getting to a Final Four as a No. 1 seed. Still, it is the absolute best way to have a shot at a Final Four.