Taking our cues from Animal Farm, it is not possible to have a school or a society in which all people are equal. Therefore, it is more of a hypothetical question, because it cannot work in reality. If we look at Animal Farm, the animals tried their best to create an equal society. This principle was even codified in the seventh commandment.
7. All animals are equal.
However, as the story progresses, it is clear that some animals gain more power than others. The pigs are at the top. They make the decisions, give the speeches, create the laws, set the course of the farm, and eventually they are the ones who turn into men. This shows that equality is not possible.
From a more theoretical point of view, this will always be the case, because decisions have to be made. Who will make them? So, here is what Orwell says:
It ran: ALL ANIMALS ARE EQUAL BUT SOME ANIMALS ARE MORE EQUAL THAN OTHERS After that it did not seem strange when next day the pigs who were supervising the work of the farm all carried whips in their trotters.
Now if we go back to idea of school where all are equal, I would say that it is not possible. Uniformity does not work, because all people are different. Therefore, a school that sought to make all equal would soon realize that "some are more equal than others." Moreover, such a school would miss out on all the great ways that people are different. The best that a school could do is to say that certain privileges do not count as currency in a school, such as one's wealth or social standing.
In conclusion, I see very little positive in a school where all students are equal.