Your EP doesn't have to be brilliant, most of the marks are on te report which hardly takes much time to fill out, and all you have to do is reiterate what skills you're using.
It won't be part of an offer, but it gives you something to talk about in interviews, and shows that you can do independent work. Presumably you mentioned it on your personal statement?
My advice would be not to drop it- it's meant to be something you're interested in anyway and it just sounds like you're doing too much work on it.