Hi. That should be a nice looking ride when it's ready.
I'm not sure about drilling the frame, you might be able to find another option if you look around here for a bit.
As for parking it at school, that'll depend on how AR the admin is at your school
(and I'd find out if your school has a history of bikes being stolen or not). You'll find yourself answering a lot of questions from people who think it's cool, too.
Food for thought... Do a good job on it and you can start doing installs for others. There might even be a few bucks in doing it if you get enough interest.