Q: Looking for a 1970s edition with a story of class photos of graduates with innuendoed names.
A: Pretty sure that would be the National Lampoon 1964 High School Yearbook Parody (1974). The captions for the underclassmen photo sections were written like that.
It could also be the Ezra Taft Benson High School yearbook that’s reprinted in the first “Best Of” collection, which pretty clearly inspired the full-size yearbook (my favorite single volume of the Lampoon).