From October 2006 we will start using Python as the introductory programming language, instead of Ada. There is therefore a need to develop teaching materials based on Python. A very useful first step, which will give next year's CS1P teaching staff a basis to work from, is to translate the existing teaching materials from Ada into Python.
As well as translating individual exercises into Python, this involves implementing Python versions of various supporting software libraries, especially JEWL (a simple graphics library).
Also, as well as translating code, there is the question of reworking exercise sheets and supporting documentation. Because Python differs from Ada in some quite fundamental ways (especially the lack of a static type system, and the provision of different kinds of data structure as standard), there is also the opportunity to investigate how best to reformulate some of the exercises.
Python is likely to be unfamiliar to many 3rd year students, so learning the language is a significant aspect of the project. Your own experience of learning Python will give you an interesting perspective on the development of exercises.
It would also be interesting to do some sort of evaluation of the Python exercises, both with novice programmers and with programmers who have used other languages.
Another possibility is based on the recent Nokia mobile phones which support Python. Exercises to develop programs that can be downloaded to phones could be very exciting for first year students. An interesting dimension of this project could be to investigate the software development kit / simulation environment provided by Nokia, and develop some suitable student exercises.