School life was different back then, if you did something wrong you would get a punishment, where as toady, the punishment is just the grade that you will get, which just means in the end your just doing harm to your own future. I do not think that what they did back then was right, but what i believe they thought is that it was effective and they would learn their lesson, which may be true, but it was wrong.
The author uses hands as a symbol for punishment, because when you do something wrong you get your knuckles wrapped, this represents the pain that the students have to go through in order to achieve good grades. It also shows the lengths that teachers will go to, to get their students to do the work.
The first out come i think that Ms. Scofield could have called the police or gotten help and caught him. The second outcome is that Ms. Scofield could have died, or gotten crippled and he would have escaped. The third outcome could have been that she chased after him herself.