The roles on COMPANY are a stretch and I can see High School students thinking to play it as almost a parody of their parents.
DON'T.
Nothing can derail a show faster. Here's a thought: Some of the banter the couples say is them "acting" for the benefit of those around them. But underneath that the performers have to portray the yearnings, small hurts, and private joys of these characters. Look at the lyric for "Being Alive." All the things Robert lists there should have been seen all evening in the performances of the married couples.
Age isn't really an issue. I saw a community college production last fall and the students there gave realistic and believable performances. I have also seen adult casts all but ruin the show.
Don't spoof it. Make it real. Don't play 35 years olds...BE 35 year olds. Re and re-read the text (AND stage directions.)
As for the pot smoking scene, at a Q&A someone asked Sondheim if he would allow high schol productions to cut it. He replied that George Furth (bookwriter) would have to make that call but Sondheim would advise against it pointing out that unless the students had been fed nothing but Disney films, they have seen it already in movies and TV shows.
Depending how "blue" your state is, you may have more trouble with the scene where Robert and April hook up for an evening. It requires both actors to undress on stage and get into bed together and it is quite clear that this is a one-night-stand (that's what "Barcelona" is all about) and the "Tick Tock" dance demonstrates the difference between making love and having sex. (When the music rises near the end before April quietly says "I Love You," that is the orgasm.) I can see some parents being uncomfortable with this scene.
Be careful casting Bobby. He must not be played in any way shape or form as having a hint of gayness. (There is a scene late in the show where one of the husbands comes on to Bobby and gets him to admit that he has had a homesexual experience. This should surprise because Bobby has only been seen with girls and also because the script calls for him to be handsome in a normal somehwat square way, without any style flamboyance.) That said, if you Bobby is extrememly hetero the undressing scene will be a problem :)
Allow a long rehersal period. Encourage yur cast to listen to the original cast album. (AVOID all the others.) As you go along, they will find millions of subtle details (subtext) that make the show that much richer.
Oh. And have fun!
Cast albums are NOT "soundtracks."
Live theatre does not use a "soundtrack." If it did, it wouldn't be live theatre!
I host a weekly one-hour radio program featuring cast album selections as well as songs by cabaret, jazz and theatre artists. The program, FRONT ROW CENTRE is heard Sundays 9 to 10 am and also Saturdays from 8 to 9 am (eastern times) on www.proudfm.com