@Andy – It’s a great idea but you need a good group of committed students to pull it off. I have had opportunities for students to design logos for companies, create marketing campaigns, run newsletters, etc. Of all of these real-world opportunities, only two students out of 25 that initially showed interest actually followed through. Even when it was a paid opportunity, many students still didn’t do the work.
Also, there are a great many regulations and policies that a professor has to follow before requiring students to do work. I once had a paralegal class where the instructor would assign her actual classes to us to research and prepare materials for. The university found out and she was fired mid-semester. Just too much chance for conflict-of-interest.