Here are the guidelines....
an analytical paper of 10 pages, using at least 5 sources (including Shakespeare as your primary source)
You could, however, do a comparable project that encompasses your field as a substitute. For instance, if you are a creative writer, you could write an updated version of a scene of one of the plays. You could, if you are in theatre discuss how you would direct or act in a play, etc. Certainly the written portion of this sort of endeavor would need to be tailored to the project and MUST be approved by me.
I teach preschool, so I'm not sure how that would translate into a project. I had asked in here earlier about doing something about Shakespeare and modern music.... do you have any ideas?