I think this is a great idea. First because it's an elective, so no one is being forced to do anything. So long as that remains the case, I wouldn't have too many problems with it being a full-on worship service.
But the really great thing about it is the fact that they'll be looking at the history of the Bible as well as the context in which it was written. I would have loved to have a class like that in my high school. I mean, Library Aid was a great elective and allowed Peter Bosman and myself to take countless Seventeen Magazine quizzes with Mrs. Covington, but I would have much rather been learning some important things about the book upon which so much of my faith is based.
Seriously. If more high schoolers had access to this kind of learning, maybe guys like Pat Robertson and James Dobson wouldn't have such a huge following. And that could only be good for Christianity and the world.