By replicate, do you mean to create an exact copy for each student which they will open and work on independently? Or the that all students work on a 'shared' copy of the project?
Tropy does not support collaboration features yet, which would facilitate such workflows, but depending on your requirements we might be able to set up a working solution, plus we'll be working on improving this situation in the fall, so we might be able cut some early betas for you in return of feedback : )
In any case: to replicate project, basically you just copy the project file. You can open a project file on another computer just fine, but in order for Tropy to find the photos the paths need to be exactly the same as on the computer where you added the photos. Depending on the way you share the photos, it's possible to make sure the paths are identical, but only if everyone in the group uses the same platform (it's possible to get macOS and Linux to play along, but not Windows).
When will the project start? The best way forward is likely if we give you access to a beta version with preliminary support for relative photo paths. That way you could place all photos in a folder, along with the project file, and share that: everyone could then copy and open the project.