Hi Bob,
We are a High School District as well so I would think our use case is similar. We set up our classes in terms by the semester for most of our courses. We do have quarterly report cards that get sent out, but it is only the semester grades that matter (are reported on a student's official transcript) so we do not need to have an archive of the quarter grades. This practice has served us well in the 3 years that we have been using Canvas now.
The only exceptions we have are our PE courses. In our district, PE credits are awarded quarterly so we setup the PE courses in 4 quarters rather than the Fall & Spring Semester.
So this is what I whole heartedly recommend! Let me know if you have any further questions about this.
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