No digitizer? Hm - the entire tablet allows you to draw on it, as long as the application allows it. As for copy and paste - works great between applications that suport copy and paste. IE - it's not the tablet that's the issue, and it still works well for your scenario *IF* app developers would get offa' their butts and support a few more things in their apps. (However, I can't think of a single productivity app on my iPad that I can't cut and paste between apps, and I've got more than one app that allows me to scetch out something, save it, and paste it into another app.) And if you REALLY have to have it, you can pick up a cheap stylus for it. And you can always shoot pics of the chalkboard from the iPad and save it, too.
iBooks with the ability to add annotations both textual and arbitrary hand drawn graphics would be a bit help.
Not gonna say it's perfect solution - then again, carrying my old Toshiba Libretto wasn't exactly a perfect solution either