I could be wrong, but it seems as if another possibility for a Hot or not contest that would survive and not be shut down would be to ask the permission of the girls who would be featured first and obtain it.
If a girl was given the chance to have some control over what she was wearing, over her make-up and appearance and over the photos, she might enjoy the chance to compete. I don’t know, but some guys can always ask . . . For some girls, they might do it for fun and for others, they might do it if they were offered some free photos or free glamour photography or other nice free stuff . . . Who knows?
Remember, according to the Tinker decision, speech of students can be shut down if it causes a material disruption to the learning at school, but if there is no material disruption, or if the alleged disruption is only hypothetical or if it is slight and not consequential, the “speech” cannot be shut down. If there were a court case, the contest would tend to be regarded as speech and measured by the Tinker test.
Some girls and some women enjoy training and participating in bikini competitions . . . some of them might choose to be part of a Hot or Not contest if they are asked, though, you might have to change the name so as to not injure those who do not win.
A person could create a Hot or Warm contest!
Or, a person could create a contest of glamour photography of those girls who choose to create it!