You know they make ENORMOUS worm composters for just this purpose.I mean dumpster size.Even restauraunts and landfills are getting in on it.Good for you for taking on such a task!
Please google

COMMERCIAL VERMICOMPOSTING

I am a super novice vermicomposter. I have done it for a few years with grades 3 through 5. Our results have been mixed, and I take full responsibility for the years where it didn't go so well. You can reach me at njvarsity@yahoo.com

I like the idea of many small worm bins as they can be used to conduct experiments which are a great way to teach students the scientific method.
A large worm bin might be more appropriate for dealing with large amounts of waste but they take some expert management and don't give the same kind of opportunity for close, hands on education. I think the education and values that can be learned from worms in the classroom might be of far more value to the community and local environment than simply trying to take care of the school's waste with worms.

It might also be of use (if you can) to have some regular outdoor compost bins so you and the students can see the effects of different methods of composting. Provided you can find enough balanced materials for the bins, this can take care of much of the school "waste" that a small starter population of worms can't.

Both activities will require a good amount of "cover" material for the bins and worm bedding.

To start off, You will probably need some funding since you can't sell worm castings until long after you start the project. Worm castings seem to sell for quite a bit of money but I find myself suprised that anyone would be willing to spend so much for them. I'm more inclined to say, use the compost and worm castings for some other at school learning experiments like growing some plants and seeing which ones grow better. Perhaps once the worm population becomes well established, you might be able to sell starter batches of worms to people who wish to have at home worm bins. Or you might just simply wind up as the coach of the worm team or composting club.

I support your efforts though I don't have much to offer you in the way of help in the denver area. Good luck and let us know how it goes.

Have helped set up and manage a worm farm in a school we had great fun over many years with whole school involved.
We had buckets in class rooms for the food and paper scraps and each class had its monitor for the week who took it out to empty at the end of each day. Each class had 2 big worm bins when one was full we would cover and they would fill the next one up.
All we did was turn, water and put in horse manure we would have huge harvest days where we would all get hands on with the worms the kids loved it we would give them all a worm (lolly snake) for helping on the day.
The casting we would bag up and sell to the parents never had enough of this we never sold worms though but set up many parents with worm farms on info days like.
Build a worm farm day where parents would pay to come and build there own worm farm.
I have fond memories of those days and still know that the school runs the program 6 years later so it has been going for at least 12 years.
happy worm farming
Wormlady ~~~~

Very impressive, Wormlady. You can give yourself a big pat on the back for that one!

I use a small Rubbermaid at school for the 3rd graders. It's large enough for the kids who are interested to put their lunch scraps. I'd love to do more, but I'm just part-time and would not be there to monitor it.