This is a great idea and you guys have a great name for it. I think it is important for students to be able to demonstrate skills that are not traditionally academic. This would really give breadth to a resume. The only challenge is convincing recruiters to accept this form of a resume.
That is possible, but I think it's important for children to learn about failure as well as success. If this is staged properly, children will enjoy the creative aspect of the project and the potential for success would serve as motivation.