Speech and Press. What are the limitations in the case? And what could the school do?

This is an interesting question, but without knowing what the students are intending to write it's not clear what the implications would be. Take a look at the Morse v. Frederick case if you want a general background on public school censorship of student speech (brief summary available at http://en.wikipedia.org/wiki/Morse_v._Frederick). What you will find is that the Supreme Court is making content-based decisions. In Morse, the speech in question arguably promoted illegal drug use, so there was no desire by the majority to protect it. If you go back to the 1960s, the Supreme Court was more open to protecting anti-war speech. Take a look at Tinker v. Des Moines Independent Community School District (http://en.wikipedia.org/wiki/Tinker_v._Des_Moines).

There is a recent case decided by Connecticut Federal District Court that may provide you with some guidance. It concerns a Burlington Connecticut high school student. She wrote a blog complaining about school administration after the canceling (it was rescheduled) of an activity she had worked on. She used a vulgar word in describing an administrator. The administration discovered the blog and prohibited Doninger from running for re-election as class secretary. However, the students elected her as a write-in. She was not allowed to serve. The student and her parents disagreed with the school district regarding the punishment and the incident being written into the student's permanent school record. So, a legal action was brought for money damages and for injunctive relief to clear the record and permit her to serve the class. Doninger claimed that she was denied her rights of free speech and equal protection. The district court judge ruled dismissing most of her claims and stated that the internet changes previous distinctions between on and off campus speech. Even though Doninger wrote the blog off-campus, her views were available to students and teachers in the school community digitally. The Court of Appeals affirmed the trial court decision. The case may yet be subject to further appeal. Unfortunately, I read the case as stating that student's free speech rights may be diminshed. However, I would try to distinguish Doninger from other speech cases by noting that she was insulting and her subject was school politics. Not national politics.