The problem is nobody here knows your level. Do I think the project is too complicated? No not at all for a 4th year engineering student with a strong background in assembly language. Personally I am not a programmer type, my only programming was done in C++ and Visual Basic. However, I have done data acquisition and used RS232. This project goes back to your individual skill level. I would start with the sensors you need which involves you doing some research. You want a temperature sensor, Relative Humidity Sensor and an Ambient Light sensor for starters in the ranges you expect to sense. You need to choose a project you are comfortable with and meets the assignment requirements.
Ron