Does nitrogen deaeration need to be performed in a fume hood? I have a couple electrochemical cells I will need to sparge (deaerate) with nitrogen prior to and possibly during my experiment (the solution is .1 M NaOH). Does this need to be done in a fume hood? 

From what I've read, it seems that $\ce{N2}$ gas isn't a huge danger, but if you're in a confined space it can cause a severe lack of oxygen. If that is the case, would a normal-sized classroom count as a confined space? Also, from what I understand about deaeration, the nitrogen bubbles escape the solution with impurities, but also with oxygen, so maybe in my case the lack of oxygen wouldn't be a problem.

This may be a simple question, but it has been difficult for me to find standard procedures for sparging a liquid with an inert gas, and I want to make sure I'm taken all the necessary precautions and steps.
As implied in the comments, you have nothing to fear by sparging your solution with nitrogen in the classroom. Even a good size tank only contains a few cubic meters of compressed gas, while your classroom likely contains a few hundred cubic meters of air. Thus, even if you could instantly empty the tank the effect would be negligible. And you will be using low enough flow rates that there will be no fear of a "localized" depletion of oxygen.  

The safety issue that I need to mention, though you are almost certainly already aware, is regarding the sodium hydroxide solution. Even at $\pu{0.1 M}$ it's not something that you want in anyone's eyes, so protection against splatter from the sparging solution would be prudent.