Considering a few options: MIPS CPU instruction set or classic games such as Space Invaders.
Decided on project: partnering with Mitko Bozinov to recreate Space Invaders game.
Update: Code is generally done, just trying to implement USB keyboard controls. Problems potentially due to our keyboard being wireless. May investigate alternate way of controlling game. Hopefully will be finished by May 5.
Project with controls from a wireless USB keyboard is completed, can be found here.