I'm considering suing my school for false accusation and emotional distress...?

I'm in high school, senior year, a day ago I was wrongfully suspended (for 3 days, threatened 6), and accused of stealing number I-pods among other lesser items. I attend a highly known public school in the suburbs of Minneapolis. I am very emotionally distressed over the false accusations and I'm missing crucial time to talk to teachers about college and graduation. I want to take legal action for having missed class time, emotional distress, and a possibly threaten a lawsuit. Is this possible? What're my chances of winning in a lawsuit? Or having the school settle?