Naughty School Reunion

The roleplay would begin with setting up a nice cozy home-study environment where one partner would play the disciplined professor, and the other would play the daring, eager-to-learn student. Both would traditionally reminisce about their past school days, creating a nostalgic and passionate atmosphere.
To set the mood, the professor could start off by expressing dissatisfaction over the student's 'performance', eventually leading to a private meeting after 'class' hours. The scenario then would shift to a more intimate dialogue, carefully stirring the undercurrents of passion and anticipation for the night ahead.
As the evening progresses, the studious debate turns into light, flirtatious bantering, and finally into an undeniable constraint passion that engulfs the room. Let your imagination loose in the realms of the naughty school roleplay, and enjoy the thrilling interactions of your older self on the nostalgic school premise.

To prepare for the role-play scenario, the surroundings should be tidied up to mimic a school-like environment. You could use any props available at your home that would give a feeling of a school or a professor's office.
Next, working on the persona is important. The 'professor' should display seriousness and maybe even sternness, while the 'student', on the other hand, should portray curiosity and mischief. Discuss the boundaries before the role-play and always remember the safeword.
Lastly, make sure the dress code is adhered to add the finishing touch to the role-play. 'Professor' can wear formal clothes while 'student' can dress casually.

The most important part of roleplaying is falling into character. The more you feel like the characters you are portraying, the more natural your actions and responses will be.
It would help set the tone if you avoid using your real names during the role-play and pick names that befit your roles instead. This would add a touch of reality to the fantasy.
Make sure to discuss the limitations with your partner before you begin the role-play. This helps in avoiding any uncomfortable situations. Remember to keep it fun and exciting, and most importantly, enjoy yourselves.