Seems like a pretty challenging task you have in front of you. Might be a book in the experience itself if you keep good records
I would try calibre which is an ebook management program with a spreadsheet like interface. (open source donation supported)
https://www.mobileread.com/forums/forumdisplay.php?f=166
You can email books directly to the kindle from calibre which might be the easiest way to keep track of who is reading what.
You have the ability to add a custom column for each student to keep track of usage. And you can export to a csv file.
Would be very interesting to see the results.
Helen