Resources that may help out.

Standards
IHS Standards Experts IHSviaUofA

PCB-related Resources
EMC (Electromagnetic Compatibility) Product Design Guide Ultratech

Emulation of Peripherals in Firmware
USB 1.1 on select Atmel AVRs ObjectiveDevelopment

Safety
Electrical Safety: AC/DC Current Thresholds, Why and How Current Kills AllAboutCircuits

Projects at Other Institutions/Companies
Gadget Freaks - A 'Design News' Initiative GadgetFreaks
Open Manufacturing WiredMagazine

Design Resources
Connector Pinout Descriptions HardwareBook
Circuit Library/Documentation, etc. A whole bunch of resources. ePanorama
EDN Microcontroller Comparison and Selection Guide (32 bit) EDN
EDN Microcontroller Comparison and Selection Guide (8 bit) EDN

Design Competitions/Funding
IEEE Canada Telus Innovation Award TelusDesign
Altera Innovate North America (FPGA) Programming Competition AlteraFPGA
IEEE Mini-Grants for Design Projects IEEEStandards