If you want an ARM project, why not do something with an RTOS. Perhaps FreeRTOS. After you get the bare bones RTOS running, add an LCD display, perhaps a keypad of some kind and a file system. There are similar projects around.
www.jcwren.com/arm for one He uses an older LPC2148 ARM chip but the ideas can be easily ported.
Now that you have a complete development platform, consider adding some analog inputs, analog outputs, PWM outputs, perhaps stepper outputs and maybe build up some kind of mechanical system that is controlled by the platform. Try to choose a board that has a LOT of IO pins.
You will wind up with several thousand lines of code and you're selling the quality, not so much the quanrity. It needs to look pretty!
Completely off topic, I am playing with the MATLAB interface to a networked Raspberry PI which will, in turn, use SPI to do analog and digital IO. MATLAB brings horsepower to computing and the PI brings IO. This could turn out to be a very powerful combination.
Or, since you have FPGA experience, read through that Digilent stuff I linked above.