I would suggest teaching how to use the code book more than I would try to teach what is in it. The content will change every three years, but the format is much more stable.
In my apprenticeship, they taught the 'design, build, use' method which I think sucks. I did it my own way (I have been dealing with reference books for years) which involves keywords and using the index and table of contents to find my way around. It must have worked, my scores were better than any of the other 40 in my class.
Which ever way works the best for the students, support it. A person that is fast and accurate at finding code entries is far more valuable than one that memorized the entire code book.
The book is not meant to be a design manual. It is a rule book. Teaching the math about why we use a certain size breaker should not be part of a code class, it should be part of an engineering class. Teaching how to find out what the NEC sets as the minimum is of utmost importance. Once that skill is attained, it can be applied to all upcoming code books.
Take a look at a 93 code book. How much info is in there compared to today's and how many changes have been made? But I could use the 93 book to teach a person to navigate and they would be able to pick up a 2012 and find answers to their questions.