I would not meet every day of the week. That is insane. I would pick one day of the week and only meet for about an hour or two. At the meetings I would not just sit and demo effects as everyone watches because then you are just spoon feeding some students who are just there to see the secret, and then the next day at school they will run around to everyone in class and perform that same effect haphazardly thus exposing the effect. They need to learn to sit and take notes and possibly allow them to video with their phones if you want. That is your choice whether or not you want them to video step by step instructions. My mentor made me write things down for a good few months before he would let me video.
I would not run your club like a true IBM club with new business and old business and functions and such yet, but you probably do need to have someone kind of "steering" the ship and not allowing it to just be a free for all, everyone do what they want. I'm guessing that man will be you.
Personally I would have "theme" days. Perhaps on one of the days everyone is to come ready to come learn / share a rope effect. Talk about the different types of rope, sizes, coreless, etc. Share different videos of professionals doing rope routines. And everyone bring cheap clothes line from Walmart to work on rope effects. Talk about different resources such as books and videos that people can go to, for learning rope effects. As the leader you should bring some type of easy beginner rope routine to share with the group that everyone needs to work on. Make it clear that the students should not be performing the effects for other high school kids until you have seen if the effect is ready. This could be a tough one.
Another good idea that was already mentioned is maybe choose a cheap book that everyone in the group agrees to purchase. Something cheap like this. Karl Fulves Self working card tricks. Everyone will be able to afford it.
http://www.amazon.com/Self-Working-Tricks-Dover-Magic-Books/dp/0486233340
As a group, work through different routines and have people come up in front of the group to show progress and such.
As the group gets better and better you may want to try and go put on a FREE show at a local library or church group. Just and idea. This would later on down the road.
Let me know if you have more specific questions. I am in an FCM group and an IBM ring so these are run way differently than what you are trying to accomplish, but you can still take bits and pieces.
You may even want to have someone be the secretary that types up a little newsletter with what was accomplished at the meeting and take a few pictures. This will help spread the word of your group.
Is there going to be a fee to join the group? Just a thought. You could use this to purchase needed items to learn magic or have snacks at the meeting.