sorting through a stack of papers today, came across an old article titled "The structure and function of fish schools". It's from Scientific American, 1982, Vol.246 (not sure which issue), pages 114-123. By Brian L. Partridge.
It talks about how and why fish school, and - most importantly - how they react to predators, etc. may prove helpful in how you fish your fly in the presence of schooling baitfish.