1 - Go to the
http://strobist.blogspot.com website and read till your head hurts. Take a big breath, and read some more. This link is specific to your needs, but read all of lighting 101 and 102 so that you know what you are doing! (
http://strobist.blogspot.com/2006/04/on-assignment-big-gym-little-lights.html)
2 - Using that info, get the equipment that you will need. Do not even think or dream of using on camera flash.
3 - Practice, practice, practice!
4 - Shoot only RAW. Zero need to worry about white balance
5 - Use the numerically lowest ISO possible for minimal noise. If flashes permit... ISO 100 would be ideal, but I doubt it will happen.
6 - Use a very small aperture (F8-F16 or so) for best DOF. Experiment and see what gets you the sharpest pic at good focus from end to end.
I feel you will need a minimum of 3-5 good strobes at full strength using umbrellas instead of softboxes... maybe even without umbrellas and go straight flash. Nikon SB-800's would be what I would be looking at if I was in your place and had a Nikon camera.
A setup like this will take most amateurs AT LEAST 4-5 sessions to get an idea of what is right, thats where the practice comes in.
Thats my advice. Now my thoughts. I think that becuase they are being cheap, it is going to cost them one way or another. Throwing a student into this kind of situation without adequate equipment or experience is ludicrous. Unfortunately for you, if things do not come out, guess who gets the blame?
Remember... preparation is 99% of this, the other 1% is luck. The more you prep, the better your results will be.
I can only wish you the very best of luck.