For general information about the dramatic rights to Ishmael, see question number 750.
In short, one would need permission to publish a dramatic version of Ishmael—for schools or for theaters, it matters not—and this permission is not readily available. On the other hand, Time Warner (which owns the dramatic rights to Ishmael) would not be likely to object to someone who mounted a stage play of Ishmael in his or her own school (with no intention of publishing the text of the play).
This is just an opinion, not a guarantee; a cautious lawyer might advise against it.
posted: 05 Dec 2011