I see you have been waiting with no reply, so I will go. Yes, we have built a dive computer. I'm not the engineer directly responsible for the electronics or firmware design, but familiar enough with the issues to comment.
I don't know your level of experience, but I suspect this might be a far larger (and more expensive) project than would be advisable for any kind of a class project. Even highly experienced embedded systems developers would expect to spend hundreds of hours just gaining enough familiarity with a particular microprocessor in order to be able to interface it with the necessary sensors, each of which might have a significant learning curve. The development tools necessary are challenging, to say the least. It's also necessary to know hardware design- why projects of this complexity are usually handled by teams, as it's rare to have a single person with requisite knowledge in both hardware and firmware development.
This is nothing like developing for a desktop computer or iOS/ Android type system, where you have an operating system and development tools that greatly simplify the task. However, there are some dive computers coming on the market that I suspect- without any direct knowledge- are being built based on a generic smart phone hardware and development platform running some kind of OS, these boards are available from Asia quite inexpensively. A tradeoff would be the overhead of the OS and the use of a platform that was not purpose designed will likely result in a far shorter battery life. But as a student project this approach might be a way to get some experience, starting with most of the heavy lifting done and development tools that would be far easier to use. And of course there are a couple of systems where sensors are interfaced to iPhones or Androids and there is a dive computer app, also a far easier task than building a dedicated system.
That said, projects like developing a desktop dive simulator and implementing a decompression algorithm (if your interest is mainly software), or (on the hardware side) interfacing a pressure sensor or compass chip, essentially to build one aspect of a dive computer, would be more reasonable goals to start, and will definitely help develop your understanding of diving in addition to software/ electronics development. Most manufacturers of sensors have development kits at a reasonable price that can help you get started.
Hope this helps.
Ron