Maybe it's explained in the missing eight pages, but the big questions left are "Why?" and "Who?"
Why go to all this trouble to change a boy into a girl? To lure him into a fake "exchange program", to set up / keep up a school, to pay for hormones, surgery etc., to infiltrate a fake "friend" and have the new girl seduced by a gigolo, to fake the boy's death in a *plane crash* of all things (those tend to be big news items and involve a lot of government investigation, hard to fake one)...
Who had anything to gain from it? If the goal was to sell the guy into white slavery or such, they didn't follow through
The only one who appears to have benefited from it is the conveniently appearing, conveniently rich and conveniently generous schoolmate Kevin, who Larissa is planning on taking to bed soon. One could think he was the one who financed the whole plan, except for one detail: we see his thoughts in frame #183, and he seems genuinely surprised to meet Larissa. And, again, even if it turns out to having been Kevin, we still don't know his motives.
Maybe there will be an epilogue?