Providing an avenue that students could (and almost certainly would) use to direct slurs at one another, seems like a surefire way to make things worse. I do share your concerns about social media.
I work in tech for a school district. Just the other day, a request came in to unblock a Morse code learning website. Initially I was hesitant as, I was concerned kids could harass one another using codes. I was surprised to find a nicely built educational site- https://morsefree.com/