In reply to Swirly:
Sounds like an interesting project. What sort of organisation do you work in that you're able to play with windtunnels? I'm having fun envisioning the various frankenbikes that will be created as part of this!
The length of time available for the building is worth considering when you're deciding what parts and tools to get. For example if they're just going to be visiting for the day then you probably don't want to have to do much to the drive train, as that tends to take most folk a while to learn to adjust, but if it were a longer project it could be worth while playing around with different gearing options.
By buying full bikes and stripping them down you will certainly be cheaper and avoid a lot of the jobs requiring more specialist tools (headsets, bottom brackets etc) since they will have already been done.
With a set of allen keys, spanners, screwdrivers, tyre levers and a track pump you could change most of the parts on a bike. Throw in a chain tool, crank extractor, cassette tool, chain whip and a decent set of cable cutters and you'll be able to change the drive train too. Actually come to think of it a chain tool and cable cutters are probably a good idea anyway for maintaining your fleet. Beyond that I wouldn't buy anything unless you're sure you need it.
Bike stands are very useful and would make you look more professional, however with 20-30 pupils I suspect you'll always have a few spare pairs of hands to hold stuff steady!
Other ideas for tests could be things like: how well the bike can transport goods, manoeuvrability through obstacles, braking ability, traction on different surfaces.
Other possible variables: Saddle height, tyre design/pressure, clothing worn, handle bar width.
It could also be worth having a collection of daft accessories like bells/horns, spokey-dokes or flags for them to personalise their creations.