No, they don't hold up those banners--I doubt they ever did.
Actually, we did. I say "we" because I graduated from Westlake in 2001, not the 1980's when this activity took place. To be honest, I think it happened like one time, but from then on, its been the calling card for every negative thing ever said about Westlake in regard to it being a wealthy school. Things used to be much more stereotypical around that time: all-white, snotty, rich punks, however, with no performance to go with it. Since that time, (late '80's), we became a football powerhouse, competition increased and the tide began to turn within the student body and community. Excellence became the standard; Academically as well as athletically. Westlake was named the #1 prep physics institute in the world as of 2003 I believe.
As you mentioned about David Edwards, the compassion and support in the community is one of the things that sets Westlake apart from many other similarly wealthy areas. Not just in regards to people outside of it, or in response to a tradegy, but among the community itself, the support for their kids and the school; its really something that goes counter to the typical rich school stigma you'll hear about or see at places like Highland Park, Bel Air, etc. Not saying there aren't examples of stereotypes, but there is a lot more good to be found there than many believe.
Nonetheless, the values instilled by the community and school are in part to blame for the high-level athletic success acheived by some of our less-known-at-the-time alumi:
-Drew Brees (1997)- Unrecruited by UT and A&M; went to Purdue, did alright.
-Huston Street (2001)- Known the guy since we were 5; Dad James QB'ed Texas to its last NC before this year; Huston comes to TExas after playing mostly shortstop in HS, known more for his 18 tackles in the HS football State Championship game against Cedric Benson's Lee Rebels. Goes on to set practically every relief pitching record at UT, including all-time saves for school, the Big12, and the CWS. First-round draftee of Oakland, Rookie of the Year 2005, looking pretty good this year so far.
-Chris Mihm (1997) - Less recruited guy, but at 6'11, had a lot of potential. Went on to become an All-American at Texas and set the career blocks and rebounds total. Drafted in the first round in 2000, had a fairly weak career to this point, which has always kind of been his problem but has always had a lot of athleticism and heart; impressive considering how he was percieved in high school, even among many of us who used to go to his games.