What an interesting idea!!!!
If my pupils were older, I would instantly do this projekt with them. But unfortunately they are only five years old and still cannot read and write.
I am from Germany and teach our 42 oldest children in kindergarten the first beginnings of English. In August they attend school. So I can't do it in English.
But we did it in German. We made our own book about a swallow, called Mathilde. Each child made up a part of the story, one after another. Later we illustrated the story parts and I printed them out. I made for each child its own book. All books were unique. The children were very proud of their creations.
Compliment for your exciting idea! If I were your student, I would love it.