perhaps tie in the emotional quotient...
about how you feel like being enveloped in a

when wearing a project... about gifting other's with that feeling through your FO's...
about the 'zen' factor of being a 'creator' and how creative you get to be.
As much as history is good... I'd go for the emotional pull first. I'm sure many of the students can understand the basic concept... how many of us have created a placemat of woven strips of paper? That is simplistic idea but the concept of creating with just a string and sticks is huge!
You could even go metaphorical... about weaving in strands... how its like life... each colour... the meaning and significance... how the creator of the piece weaves in thoughts, emotions and even bits of themselves (aka hair?) into the project... about how the wearer may not be aware of the gift and yet there is an energy of the gift.... that other's see and reach out... and Fair Isle allows for that connection with both the knitter, the wearer, and the eye of the beholder walking by casually glancing...
About the voyeuristic sense... the 'thrill' of being seen KIP-ping... or meeting another knitter. The code language...
Oh... can I come too? I wanna give a speech now!