When DD20 graduated (in 2011, class of about 100), they walked in by height (until they ran out of boys then just girls paired up). Girls were in the left column, boys in the right, and girls sat stage left, boys stage right. Speakers came out from wherever they happened to be sitting. Everyone wore maroon. The girls were told to bring their "graduation shoes" to practice so they could get the heights correctly, so the diplomas would be in the correct order.
When I graduated from high school in 1974, there were over 1000 in my class!Faculty and school board sat on stage, graduates in chairs facing the stage, parents and friends in the bleachers behind the graduates (it was on the football field). Girls wore white, boys wore blue, and you lined up in any order, in your appropriate column. I can't remember if student speakers were in the first row facing the stage, but I bet they were. We each had a card to hand to the announcer, who read your name as you walked across the stage, shook hands with the principal, and received a BLANK diploma folder. Actual diplomas were received in the mail, about a week after graduation. With that many kids, I don't know how else they could have done it, especially as some of the kids blew off graduation.
we got the blank diploma folders as well, and some grads were VERY surprised to open it and find a letter that told them their diplomas were not going to be issued until they either turned in or paid for missing text books (we were repeatedly warned for 2 full weeks prior to graduation to get them turned in before the ceremony or there would be 'consequences').