i think it would be a very cool thing to do but i would consider, the time scale and also if it covers the requirement for your course, ie for my electronics a-level i made a stomp box but was very limmited to what i could make because the course required certain subsystems within the project, if youre course is anything like this it may require you to use certain skills and techniques, so first thing i would do would be to check that a guitar would cover everything you need.
anyway put the effort in and imsure you will manage

good luck