I think the value in the study of such records, probably lies mainly in the way they interact with changing society. In my old school, the books are preserved and kept confidential, however, access is available for research (under clear academic protocols), and the librarian plus some amateur archivists in the old boys have undertaken some quite interesting studies.
Most interesting from my viewpoint is the changing nature of offenses and seeing how these are dealt with at different times. It is never an exact science because, of course, if say you look at books from the 50’s when nearly all staff carried a cane, then those recorded are the more serious: those that needed the attention of the Head or Deputy. Whereas from the early 60’s when caning was restricted to essentially 6 staff, the offense range is greater.