If the school itself were buying them, Apple would possibly give them a bit more of a break on the price. Make sure you're calculating the price based on the Apple Store for Education, and choosing the eMacs w/out CD drives. Maybe one w/Superdrive for the teacher, but the rest w/no drives. That cuts down on cost. And I'd say skip airport, since you can work up a whole wired network for much cheaper. Airport is great w/laptops or desktops that are in different rooms, but if you've got a whole room full, you don't need wireless. Factor in a few routers, plus cost of cables, and you'd be wired up.
Oh yeah, it's cool that those II's survived so long, but they wouldn't be worth a lot since they were a super common model, and there's so many floating around out there. Yeah, it'd be cool to have one, but don't expect to get more than $25 each, tops. Plus you gotta remember, it would cost more to ship the thing than it's worth, so that deters a lot of people from buying online.