I complete an Meng long time ago and my project was software based. At BE level innovation is not a necessity but you can ask your Lecturer/Mentor he should be the best guide as it's his responsibility to select a suitable and current project. Academics is not the most honest profession in the world and many projects are just a name game. Depending on what is your priority, Learning or Passing with flying colors? Project also takes a lot of time and you have to shift your attention from other subjects. In Pakistan they teach everything and burden young minds like an expedition mule. A closer contact with the tutor in charge of project is necessary and do what ever he asks you to. A guy I knew offered return tickets for his family visit, PC stay and on top a promise for a state bank bond chosen as the successful becoz his dad worked there. A lot of TC is a key to success, if you know what i mean. And this works everywhere in the world believe me. On the other hand if you are an honest type of guy who want to learn than I will recommend you to do even PCB fabrication, layout design, prepare Gerber files etc..Prepare a nice Project Enclosure with User Interfaces. Simulate your design and provide all the results and a critical analysis of it and future scopes how to make it better depending on how good you are with assembly/embedded languages or you want to choose analog design..it all depends on your capabilities. But the modern trend is more towards binary numbers but who cares as they claim invading moon without it and with processing power even less than your samsung.