THe hardware part is doable for sure - making any useful software (read as not just a bunch of sliders for changing values) thereafter would depend on programming skills- and you'd have to consider this bit from the start before you can determine how and what to send to your dongle

Why not also do it as a finaly year project? i did, and worked on it spare time in first few years and pretty much had it done when it came to working on it in uni time, leaving me to catch up on everything else i had left till last minute :-)