Ok that´s nice, but you could say a bit more about you and your resources.
Are you fluent in VHDL, or will you be drawing schematics?
Do you have a specific chip or family in mind?
Do you have access to some evaluation board or do you plan to make your own?
How much time AND money are you willing to spend on this project?
That seems doable, but I suggest you build the hardware first, figure out how you will drive the spindle motor, leds, set up the sensor, etc. and then start playing with the code. Since this clock can only display radial lines, the vhdl code can be pretty simple.
its just a strip with 3-4 leds in series with a resistor, and this is paralleld across the strip. I think there should exist even RGB ones, which are about the same but have 4 wires running along instead of 2.