At risk of sounding very old fashioned here, I would seriously question a strategy of producing a digital yearbook on a CD/DVD especially in lieu of a printed volume.
A yearbook is the type of product that needs to have longevity. Will CD/DVD media be mainstream ten to fifteen years from now, much less thirty, forty, or fifty years? Will SWF files be commonly displayable at that time?
There were those who advocated such electronic yearbooks back in the mid 1990s in lieu of printed yearbooks. They ended up with Windows 3.1 executable files with proprietary image formats on CDs. Many of the CDs are no longer physically readable and the the Windows 3.1 16-bit executable files are effectively useless.
Something for you to think about ...