i did a level product design and also doing aerospace right now!
It sure would be good. One of my 'ideas' for my project that linked in with aerospace was to make a camera drone but the problem i was investigating was that drones on the market are really expensive and require budgeting and i wanted to find a way to make drones more accessible to aspiring and current movie makers, photographers etc. See the thing is for us in the past, we sort of had the brief to do anything but we had to solve a problem with the product. Well, the reason why I disbanded it was that it cost a bit too much of what i was trying to do and there wasn't much room for 'initial ideas' and different designs and stuff which is one of the criteria you are marked against, but that's something you could look into?
But if you want to go with aerospace, you could do something along the lines of a glider, quad copter or drone maybe even a small scale relandable rocket like spaceX? (NOTE: this could also be quite costly and a bit technical which means you may have to learn some topics you would learn at university to make sure it will work but pretty much everything is online nowadays). but it might be hard to find a client to conduct interviews etc (idk if you have to do this or if its changed).
But yeah if its literally "do anything", then i guess you can make a multitude of things, but id say choose a project that covers all aspects of the marking scheme/criteria like ergonomics etc.
But here are another few suggestions:
A piece of furniture like a new innovative table which might have a inbuilt key board or something or a chair which turns into a stool for reaching high places or even just a simple shelf for storing consoles and games.
A piece of equipment, i think i saw online somewhere that someone created a adjustable laptop cooling attachment which was pretty cool or another idea i came up with is a automatic watering plant pot.
i think the easiest way i've found for generating ideas is go around your house and see what you would want in everything you see and then boom, product or think of problems people deal with (for example messy computer cables) and then come up with a product to solve it (e.g. small furnished cable holders which stick to your wall and matches your interior design).
Hope this helps. Feel free to msg if you have any questions!