The SNAP blog has a great post on studying for ACA exam. I wrote a reply there on my suggestions which I’m going to copy below. You’re going to have to read their post to know what I’m talking about.
I’m not sure about splitting up the readings for a group. I would worry I would miss something. If you do that, I would do it for some of the readings not for all.
Personally I think Greg Hunter’s Yellow book helped me the most in studying. http://www.amazon.com/Developing-Maintaining-Practical-Archives-How/dp/1555704670
Full disclaimer: I might be bias he was my archiving professor at Palmer and that was my textbook. Also you by no means should just focus on that one book, it won’t work.
My suggestion if you’re taking this test for the first time is to study your best and go in relaxed. If you pass great if you don’t view it as practice and focus on your weak points for next time. Whatever you do don’t give up.