Whether or not I'll be of much help on this, but I am still rather excited. It sounds like an excellent opportunity to lean a lot of stuff.
I only know Java, and not too much of it. I do know quite a bit about programing theory, and am looking forward to seeing it in action.
As for what is going down, I'm pretty sure most people here will like the idea of a team project. I think that HagNasty should expand on what he looks for in a portfolio, or even give an explain what project he would consider the ultimate portfolio. Coupled with a consideration of our abilities, it would probably simplify things for us.