Hi Doug,
Its done better at a "firewall" level.
As you guessed, you can use DHCP to assign "static" IP's to some power users.
Then configure iptables to allow Internet to only a given set of IP's/MAC's. To change this rules you should run a cron that changes firewalls rules on the fly. Be careful as this rules are built using a template. You could just "add" the rules before the default SME rules.
As Craig said, DHCP is not the way to do it, as you will only prohibit to get an IP on that schedule but nothing more.
Hope it helps.