If your club members wanted to deploy their projects to their own 360s, then I believe a separate payment would be required for each box (the Creators Club subscription is purchased through the Xbox Live Marketplace, which means it's linked to a single box).
However, I'd seriously think about contacting Microsoft directly to see if they'd gift you some subs or support your club in some other way. They're dead serious about supporting XNA in the academic field and that may very well extend to your group. It's worth a try and you'll never know until you give it a go :)
Let us know how you get on.