If the school is asking for all those items, I'd be asking some pointed questions at the next school meeting. What school doesn't have band-aids and just who do they think is going to need a sling for a broken arm?
I highly doubt that the school is trying to save on bandaids. Can you imagine the liability of the school saying "Johnie forgot his FAK, so tuff nuggies!"? My guess is they are trying to raise awareness of being prepared, and if so, it sounds like a great idea to me. After all, don't we all bemoan the fact that so many people don't realize they should be prepared for things?
-john