My kids attended a Panama-Buena Vista junior high school a few years ago, and I remember that junior high graduation was a very big deal to both of them. If the administrators had chosen to cancel graduation while sending all the administrators to Las Vegas (yes, I understand how the budget works; but get a clue about perceptions, people!) while my kids were there, we would have made a statement. I don't do picket lines. I would have kept my kids out of school on days scheduled for standardized testing and we would have gone to a movie instead. If enough parents show their displeasure by boycotting the tests, it will get their attention.
Graduations don't have to be expensive. They could be held at the school or on a high school athletic field.