This seems like a cute way to bang out the rules of magic for a more in depth wizard school role playing game following it, or as a recurring module for simulating class. Everyone could easily keep playing their characters and you might even get new student archetypes out of the deal. Jocks, know-it-alls, teacher's pet, it'd be great.
If you ever expand on this project something I'd consider is using boundaries for more than player safety. Restrictions breed creativity, and forcing people to contend with "words cannot be spoken while casting" or similar such boundaries would be great for the rules lawyer aspect.