I think you did a fantastic job on this rescue and showing your students the process and ways to improve it next time. The new lining is adorable! I hope you'll get a lot of use out of this bag now.
I have the same petite bucket bag. Purchased it preloved and within a couple of months of use, the top of the lining started peeling, probably from the weight of things in the open pocket. Idk how much LV would charge to repair it, and I certainly can't do a project like you did. I want to sell it, but don't want to take a huge hit. Oh well.... But thank you for sharing with us!