In most states, I think there are laws stating that students don't have to say it. At my school in NJ, we weren't required to say the Pledge, but we had to, and I quote, "sit or stand respectfully and remove your hats."
I think that's at least a good start, but frankly, the whole concept of a public school, one where no religion or religious concept is to be favored over another, is basically moot if the Judeo-Christian-Islamic monotheistic God is stated to be the singular unifying principle of the state-based educational system.
If it's a religious school, let 'em say the shema, the religious Pledge, Allahu Akhbar, or whatever they want. But unless they're prepared to include every single religion in "under God," they should just kill the Pledge entirely. It really is just some patriotic garbage, but you shouldn't have to say it, and if you aren't Jewish, Christian, or Islamic, you shouldn't have to feel the pressure of your religion being brushed aside publicly.