Making margaritas one at a time for eight people is a miserable job. Batching it takes five minutes, tastes the same, and means you get to stand with everybody else instead of behind a shaker all night.

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The one thing that matters
Add the water. Everybody forgets, and it is the single reason batched cocktails taste sharper and hotter than the same drink made in a shaker.
Scale the classic 2:1:1 ratio up and add water. For 24 drinks use one 1.75L bottle of tequila, 24 oz orange liqueur, 24 oz fresh lime and 12 oz water. Chill for four hours, then pour over fresh ice.
About 24, at the standard two ounce pour. A 750ml bottle makes roughly ten, so the big bottle is both cheaper per drink and enough for a party in one go.
Yes, and they improve. Mix the tequila, liqueur, lime and water and refrigerate up to 24 hours. Leave out the ice and the salt until you serve.