I personally have never done it as a chapter but I think that it is a great idea! My mother had actually sent me to charm school back when I was in middle school (I'm from the South if that explains anything).
I hated it at the time but now, when I go for interviews or out for dinner with the boyfriend's parents, I always know the right questions to ask or even what fork is used for the salad. It's a great thing to learn!