Making the most out of text links means using the most common search term, researching landing pages for the presence of the keyword or key phrase in meta tags and content as well as page rank if more than one page is available.

If you're going for marching band as the keyphrase, use that more in your links, and try to find targets on the other end with marching band in the page title, even if it's not exactly the main page of the band, if it says marching band in the title and in the page, you can check the pagerank between the two pages and use the best one. The links themselves are more relevant though if the keywords match on both ends.

Here's one example: Lafayette High School has their own site and the marching band has their own site. The LHS Band site - http://lhsband.net/ page rank 3. The school's page for the band, http://www.lpssonline.com/site.php?pageID=825 mentions the word "marching" but has a big fat PR0. The high school main page http://www.lpssonline.com/ has a rank of 4, but no mention of band, it only gets in the school's name. You can check Google page rank at www.pageranktool.net until one is added here.

One other deciding factor to which page and the text of a link should be checking if people search for that school or band using a common phrase and how. This SEO Book has a keyword suggestion tool that's great for this. It could be worth sacrificing the use of the target keyword to pick up a little crumb here and there. For this search, "Lafayette" and "band" were too infrequent to appear in the key word results.

You want your link to read "Lafayette High Marching band", maybe even "LHS Marching Band", but the word "marching" only appears on the weakest page. So you can do a couple different things. Name the text link to them without the word marching, there are going to be plenty of other links on the page to cover the phrase. You could also use the word in the link anyhow, it mostly matches. Don't be surprised though if you use the word "school" or "high school" too much and get sideways traffic... but you can target them if they arrive.

One last note on these, maybe this should go to the top, don't over capitalize letters in a link. If you can get away with it, two links instead of one to a couple decent page rank destinations, "Lafayette High" and "marching band" would do every now and then if the titles match the text.