With a 50's theme you could do something like Grease....it's a theme I've seen before and if done right its really cute. It was a few years ago, but one thing I remember is that the chapter that did it re-wrote the words to "We Go Together" and instead of the "Pink Ladies" they had their sorority's letters. Things like that.
I don't know how much help I was, but hopefully this gave you some ideas as a jumping off point.
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