CRITICAL GND CONFLICT BTWN 2 GA ACFT ON THE SAME RWY IN AN OPPOSITE DIRECTION TFC SIT AT P08; AZ.

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A ROUTINE TRAINING FLT DEPARTED FALCON FIELD; AZ; ARPT (FFZ) AT XA46. WHEN THE FLT HAD PROCEEDED TO THE FLORENCE; AZ; AREA; THE INSTRUCTOR CHKED THE PHOENIX TAC CHART FOR THE CTAF FOR COOLIDGE; AZ; ARPT (P08) AND SET THE BACKUP FREQ OF THE #2 RADIO TO 122.075. THE FREQ WAS MONITORED; APPROPRIATE POS RPTS WERE MADE AND THE APCH AND LNDG WERE MADE NORMALLY ON RWY 5. AFTER CLRING THE RWY; THE ACFT WAS PARKED; SHUT DOWN AND THE STUDENT PLT EXCHANGED PLACES WITH HIS TEENAGE SON WHO WAS TO RECEIVE INSTRUCTION ON THE RETURN TRIP. WINDS AT P08 AT THAT TIME WERE LIGHT AND VARIABLE WITH THE WINDSOCK FAVORING RWY 23. THE ACFT WAS RESTARTED AND BLIND XMISSION WAS MADE OF TAXI TO RWY 23 AT COOLIDGE. FOLLOWING A NORMAL RUN-UP; THE AREA WAS CLRED AND ANOTHER BLIND XMISSION WAS MADE OF INTENT TO TAKE OFF ON RWY 23. NO RESPONSE WAS RECEIVED AND A NORMAL TKOF WAS INITIATED ON RWY 23. AFTER A TKOF ROLL OF APPROX 500 FT; THE AIRSPD CAME ALIVE INDICATING AIRSPD OF LESS THAN 60 MPH. PRIOR TO ROTATION; OPPOSITE DIRECTION TFC WAS OBSERVED ON SHORT FINAL TO RWY 5. IMMEDIATE PWR REDUCTION AND BRAKING WERE APPLIED AND THE ACFT WAS BROUGHT TO A STOP ABOUT 1/2 WAY BTWN THE END OF RWY 23 AND THE MIDFIELD TXWY TURNOFF TO THE L. THE ACFT CAME TO A STOP ON THE EXTREME R EDGE OF THE RWY AND THE OPPOSITE DIRECTION TFC WAS OBSERVED TO TOUCH DOWN; PERFORM A TOUCH-AND-GO AND PROCEED WITH A NORMAL TKOF. THE OPPOSITE DIRECTION TFC HAD REACHED AN ALT OF APPROX 50 FT WHEN IT PASSED ABOVE THE STATIONARY TFC ON THE RWY. THE PLT OF THE OTHER ACFT APPEARED TO SEE THE ACFT STOPPED ON THE RWY AS HE PASSED OVERHEAD. ANOTHER BLIND CALL WAS MADE ON THE CTAF WITH NO RESPONSE. THE ABORTED TKOF ACFT BACK-TAXIED TO THE TKOF END OF RWY 23 AND A NORMAL TKOF WAS MADE. ON CLBOUT FROM P08; THE OPPOSITE DIRECTION TFC WAS AGAIN OBSERVED DOWNWIND FOR RWY 5. AT THAT TIME; THE INSTRUCTOR PLT DOUBLECHKED THE RADIO FREQ; CHANGED THE RADIO TO 123.075 AND LISTENED TO 2 OTHER ACFT DISCUSSING POS IN RELATION TO P08. BY THAT TIME THE ACFT HAD CLRED THE AREA AND NO ADDITIONAL RADIO CALLS WERE MADE. THE ERROR WAS APPARENTLY THE RESULT OF MISREADING THE CTAF ON THE TAC CHART. JUDGEMENT; CORRECTIVE ACTION AND DECISIONS AFTER THE OPPOSITE DIRECTION TFC WAS DETECTED WERE APPROPRIATE AND SUCCESSFUL. PROPER SELECTION AND DOUBLECHKING OF THE CTAF COULD HAVE AVOIDED THE INCIDENT COMPLETELY.