I happen to work for a yearbook company, so if you'd like any tips, let me know! This is something we approached a university near me to do (they don't have an all-school yearbook, but they have a large Greek system). They didn't go for it, but I think it's a fantastic idea! Selling ads to businesses, parents, etc. is a great way to draw up some revenue to fund the book, too. Good luck!
