How about a knock gauge? If you can make them cheap enough, you could sell tons, because the main reason people buy scanners is for the knock reading. If you can sell them for under $100/ea, you could make some nice profit and complete a senior project.
Another is an rpm activated device for spraying alcohol or water.
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'13 Mustang 3.7V6 - MT82
'00 GP SE (L67 Swap, XP, Headers, 3.25")
'98 GTP, '01 Bonne
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