Augmented reality is going to grow a lot in the future and therefor I think it is worth investing time in it and I wish you good luck :) I would just suggest to

Augmented reality is going to grow a lot in the future and therefor I think it is worth investing time in it and I wish you good luck :) I would just suggest to focus on a smaller and better defined task and borrow as much as you can from the field of AR in order to increase your chaces for success. For example I wouldn't waste time in developing you own tracking system (point 1) but use an existing one using markers. Also for the depth images I think you could do much better with a Kinect instead of this camera, because it will give you much more detailed depth image (however only indoors). I think the ideas of tracking the eye position and is really worth exploring. The projecion of the image on the retina is also realy cool, but I think it is much more difficult and one year will not be enough to achieve reasonable results. Good luck :)