Welcome! It does look as though the rules are rather open. Am I right in that you're building an on-road car? My suggestion would be a "field trip" to some local shops to see what some typical equipment looks like, and to get some design ideas. And find the nearest model raceways to see what it's all about, and give the students some spent nitro fumes to spur them on If you can use some "sub-assemblies" or a few "off the shelf" parts, the trips to local hobby shops should turn up at least a few potential ideas?! It sounds like a cool project, what age are your students, from what I gather I'd say about 17 or so? Wish you luck!