Good for you for wanting to preserve some history and recognize some guys/girls. Honestly, it's one of the bigger things some kids will ever have in their lives. There are several names on my high schools board of guys who didn't make it to 30, and I always felt a glad that they will live on up there on that wall for all time, captured in one of their finest moments. As an aside, God, I wish my HS recognized participants. I would be on the wall 4×. Instead, I'm not on there a single time. 4× and no medal, can you believe that? It has been a long time and I still can't. Anyway, having something easily updated is fairly complex. Our school had a beautiful cedar 4×6 finished board with little metal placards, all in rows of about 10-15. It made for a gorgeous wall with rows of perfectly uniform names.

However, I have seen several schools use cheaper, vinyl 3×6 or 3×8 foot banners with vinyl letters steamed/glued on. Those don't look awesome but are cheap and work well if you've got 100 names to put on there (or more). If you don't have many names, maybe go smaller. Any decent sign shop in your local area could definitely help brainstorm.