You could try and develop a low-cost active suspension system for RC cars. I'm sure the buggy owners would love it.
As far as doing this for your final year project, it's not an innovative one; Active suspension is already being used on some high-end production cars.
I think enough R&D is done about this already, it just needs refinement now.
The hard part is, you have to miniaturise the existing technology to go on a RC car.
This is a fine example of Bose active suspension at work--
Good luck