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If we could find a law firm to donate their services to write up a legally binding contact saying that we will spend all funds on club related activities and there would be a punishment if it is violated then have that signed by all of the team leaders? This way we can have direct access to our money that we raised. What do you think?
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I think that is a bit overkill, and might not even help. The liability the 501c3 takes on by acting as a fiscal agent for your team is not transferable, and if the funds are under their umbrella, ultimately they are responsible. Only a subset of people in a normal 501c3 are allowed to touch funds, and larger ones might even carry insurance that protects against financial impropriety... so that insurance contract wouldn't allow them to give you access to the funds. Also, keep in mind, that legally, those funds are not yours. The funds are 100% owned by the 501c3.
If it's a smaller 501c3, once again, your best bet is just having an honest conversation with them. Let them know why the faster turn-around is important to you, and be prepared to compromise a bit. Maybe you can get a quicker (24-48h) turn around on orders during build season, but you wait for the normal cycle the rest of the year when you don't need things as quickly. For this year, we'll be paying for things out of our school account, and it takes me 2-3 weeks to get a new vendor approved, and about 2 weeks to get an order processed and in hand. I just have to work further ahead, and I'll be ordering a lot of "standard material" in November that I know I'll need.
As Coach Norm said (and our team will probably do), starting your own tax exempt organization is doable and has been done by teams. This will introduce overhead, as you'll be filing tax reports, paying some fees, and filling out a lengthy application. It can also take up to 12-18 months. However, all that headache may be less than working with your existing 501c3 or school, and it gives your group full control. It isn't something I'd consider lightly, but it also shouldn't be so intimidating that you not consider it as an alternative.
Steven