this post discusses ownership.) The subject of the photo -- the high school student -- can only hassle you if you defame them or invade their privacy or use the image in an ad or an endorsement (and we think a brief appearance in a music video is unlikely to trigger the right of publicity).
Fair use? We're not sure about your fair use defense; it all depends on whether your use of the photo could be considered transformative. Maybe ... but it really doesn't matter because as readers of this blog are aware, even when the experts claim it's a fair use, that often has little practical effect.
Bottom line dept. Are yearbook photographers from 30 and 40 years ago likely to see your video, recognize their photos, and complain? We think the chances are slim.