Imho it's not a good plan. The problem is that Bitcoin mining difficulty is very high and rising. That means that an old "unprofitable" ASIC will probably not get you almost any coins, or you'll need quite a number of generations of students to get to withdraw that dust.

If you want to teach students about mining, show them how mining works with any coin. You'll have to pick with every new generation a new worthless coin with low difficulty in order to show them everything.

If you want to teach students about transferring Bitcoin, then imho your best bet is Bitcoin's testnet. This way they'll see the exact wallets they can use. And since Bitcoin Core needs very long initial sync and you'll probably want to have each student trying this on his computer, I think that a SPV wallet like Electrum would be more suitable, since it syncs fast and it can also work with testnet.

Paper wallets... they are kinda outdated if you want to show them in the "classic" way. Paper wallet is a nicely printed pair of private key + address. But nowadays it's easier and cleaner to introduced them to HD wallets and seed, which they can store instead of paper wallet, and with seed they'll have virtually infinite number of addresses, of which they can bookmark one or two and check on block explorers (there are also a few block explorers that can work with testnet too).