HORN(s)
PIANO and/or GUITAR
BASS
DRUM SET
How few is too few? How many is too many? That answer is probably different for each music educator, because school is school -- our ideals are rarely our realities. A trio is a great place to start, so don't be concerned if you only have a few students to start your first combo, or if when you divide your players into multiple combos, they are all 3-pieces. On the other end, when a combo program grows, you may start to feel like you're not running small ensembles anymore. Use your best judgement. Involve as many students as you feel is manageable, with the caveat that the larger a group grows, the fewer opportunities each member will have to improvise, and the fewer chances you will have to coach individuals. In the end, though, take comfort in knowing that even a larger combo retains many of the benefits of a "perfect" size one.
At a minimum, you need a bass player and a drum set player before you add a piano and/or horn(s).
If you don't have a bass player, but you have two piano players, consider having them take turns performing the piano ensemble role and playing the bass line. They will learn both roles, support the combo, and still practice improvising. If you have "extra" guitar players, ask if any of them are interested in bass. If you don't have an "extra" anyone (yet!), start off by filling the bass role yourself (on bass or on keyboard). That will get you started, and in the meantime you can continue to recruit, or start a strong player from another section on bass guitar.
If you don't have a drum set player, get started by filling the role yourself. In the meantime, continue to recruit, start a concert percussionist on drum set, or introduce a strong player from another section to drum set.
If you have more piano players and drum set players than you have combo slots, consider assigning more than one to each combo, and having them rotate through a mallet percussion slot (vibraphone if you have one, xylophone or bells if you do not). It's a good experience for drum set players to perform a melodic ensemble role, and for piano players to limit their focus to what they can do with two mallets. When they are not improvising, they can perform the melody to the head of the tune, as well as comp rootless chord voicings underneath other members' improvised solos.
If you need to place a guitar AND piano player in one combo, remember that they are performing similar roles. Consider pairing a more experienced player with a less experienced player. Encourage the guitar player to stick to a typical quarter note comping pattern, and the piano player to comp a sparser, contrasting rhythm pattern. This way they can support while still leaving space for each other and for other members of the combo to come through.
Don't forget, you're part of the combo! If you're a horn player, you can model on your primary instrument or secondary instrument. Use your judgement based on the students in the combo, and who you think would benefit from a like-instrument or contrasting instrument model. It's a little trickier if you're primarily a rhythm section player, because a student is likely already doing "your" job. In that case, you will likely want to choose to play mallet percussion or to join the horn section on a secondary instrument.
If you're not a rhythm section player, learn the basics. You want to be able to model basic chord voicings on the piano or guitar, quarter note roots or a walking bass line on the bass or a keyboard, and a basic swung rhythmic feel on the drums. Start with learning one ensemble role, and work your way up.